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To: Bill Harmond who wrote (60198)	6/3/1999 2:00:00 PM
From: Rob S.	Respond to of 164684

It probably already is in the market . . . but the flow of investment has shifted to cyclicals and value growth stocks and the trend in the nets will be to stay out of favor until the middle or end of summer, IMO. It really isn't interest rates that is directly so important for the nets - it is the realization that there is no new compelling "story" to drive them up for now and they need to digest the huge gains they made last year and early this year. Yes, interest rates are probably already factored in. when the actual increases hits the market will probably move up following the news. But the market has already taken into account the good news scenarios for the net stocks as well. When "news" on these stocks comes out now, it is met mostly with yawns and then more selling.