Rotation Repeats

September 21, 2000
Daniel Beighley

Rotation from sector to sector continued again Thursday as the major averages
basically traded places from Wednesday’s session. Nervous and non-committal
summed up the session as the Nasdaq lost 1.8%, the Dow gained 0.7%, and the
S&P finished a little below flat, with a 0.2% decline.

Volume eased by about 11% from Wednesday’s level, with 1.57 billion shares
trading on the Nasdaq, while NYSE volume was flat with Wednesday’s level, with
1.08 billion shares changing hands.

“There’s a lot of concern about what third quarter earnings are going to look like, certainly in technology land, but also across the board for all stocks. The market’s just very rotational right now,"
said Rob Cohen, Head of Listed Stock Trading, CS First Boston.

"This is historically a seasonally strong period in the market, particularly in tech and especially in
front of an election, but there’s just no traction. It just feels like people are very nervous here, and there’s concern that the growth outlook is not
that strong," he added.

According to preliminary numbers, the Nasdaq fell 68.56 to 3828.88, the Dow
gained 77.60 to 10,765.52, and the S&P 500 added 2.29 points to 1449.05.

Rotation Repeats

BUY THE FEAR, SELL THE GREED

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