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To: JZGalt who wrote (12334)	2/21/1998 2:28:00 PM
From: RGinPG	Respond to of 95453

That IS a funny post, even if I did lose money doing this very thing. I wasn't following ML though, just my own confidence in the valuations of the stocks in this sector. At least I didn't give up though.

To: JZGalt who wrote (12334)	2/21/1998 3:30:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

One interesting exercise is to check out what the brokerages do after issuing a report, an upgrade/downgrade or earnings revision. Not surprisingly, following a positive analyst report, you often see that same firm selling stock; and after a negative report, you can see the firm buying stock. I've seen it time after time, particularly with the high techs. When an investment bank (or a big customer) is caught out with shares they want or need to dump, the will pump up the stock so they can sell into strength. Anyone with access to Level 2 quotes should check it out some time. Of course, I'm sure there are exceptions.

To: JZGalt who wrote (12334)	2/22/1998 12:11:00 AM
From: Dwight E. Karlsen	Read Replies (3) \| Respond to of 95453

JZ, I subscribe to the notion that analysts are practically useless for me making trading decisions, except as perhaps contrarian indicators. Three examples: In mid-December several big brokerage houses got queasy stomachs with regard to Nokia. There was no real reasons given, but BA Robertson Stephens was among those who downgraded Nokia. This also was very close to the low point in Nokia's decline from 100 to 65. Since mid-late December, (only two months ago!) Nokia has steadily climbed, rising over 30 pts to the current $95. To my knowledge, BA Robertson Stephens has been silent regarding their terrible analysis, which they provide via "full-time professionals who know the industry". Uhh right. Case two, in Oils: Investors Business Daily on oil driller stocks: the first part of December 1997, IBD ran a bullish article in the daily "Investor's Corner" column, with the idea that the bottom was very near in oil drillers. They quoted several analysts, and prominently, one analyst recommended the shallow-water and land drillers as being his favorites for the most price appreciation potential. Around the same time period of mid-Dec, IBD ran another "Investor's Corner" expressing very somber and grave concerns about tech stocks, specifically pointing out critical "weakness" in Dell Computers and Intel. Let's see: Dec 97, Dell was in low and mid 70's, Intel could be had for 70-75 also. Today, only two months later, Dell has miraculously recovered from an apparent near-fatal illness to sit at $129, Intel is high $80's. Today of course, there is nothing but praise in the financial press for such a superior company as Dell. I guess we're supposed to sell low and buy high, if we are to go with the financial community's recommendations. DK