Out Like A Lamb

August 18, 2000
Daniel Beighley

Stocks turned in a flat performance Friday on light volume, despite positive
earnings news from several prominent technology leaders over the past couple of
days. Biotechs, oils, and drug stocks were weak, and by the close, the Dow,
Nasdaq, and S&P 500 had each eased by a quarter of a percent.

Volume again was light, with 1.44 billion shares changing hands on the Nasdaq
and 817 million shares trading on the NYSE. While the light summer volume and
lackluster performance left traders yawning, several commented that the week’s
overall performance in the Nasdaq was constructive.

“The last three weeks or so, we’ve had a lot of rocky stuff in the
over-the-counter market, and it seems like yesterday it was resolved favorably,
where people started to come back to the tech names that had been abandoned. For
a while the NYSE has been acting better than the Nasdaq, and it seems now to be
reverting back to some of the Nasdaq names,” said Robert Wibbelsman,
Portfolio Manager, Strome Investment Management.

“I think the proclivity is still toward the strong, top-line growers who
are also bringing it down to the bottom-line. I don’t think that will change,
and I think the market is coming back to that notion. My feeling is that we’re
trying to get the high, high growth stocks going again, so for now I am just
giving the market a little of the benefit of the doubt,” he added.

According to preliminary numbers, the Nasdaq slipped 10.60, the Dow lost 9.16
to 11,046.48, and the S&P 500 slid 4.37 to 1491.70.

Traders now look toward next Tuesday’s Fed meeting, where the consensus looks
for no increase in rates. The next scheduled Fed meeting is not until October 3,
and after that, there are none scheduled until January.

Out Like A Lamb

BUY THE FEAR, SELL THE GREED

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