"Manage the risk.the profits will take care of themselves" "In this business, being right is not as important as making money.consistently, and one of primary tenets of the quest is the avoidance of the 'obvious risk'" Note: to give readers some idea where we are on the recommendation, and how stupid or smart we are, since a most recent change, a plus or minus sign and a rounded percentage will be included. Neutral, Neutral/Negative or Neutral/Positive ratings are not ratings at all and represent "no opinion." A rating change or initiation occurs with a rating of positive, negative, buy, avoid, sell, and strong buy. To give us a positive percentage, the stock must go in the anticipated direction after the signal-minor changes such as accumulate, buy, positive and strong buy all assume upward price movement. Sell, avoid, negative will assume downward price movement. If a position is reversed then the percentage goes to the "Actual" profit or loss column in our track record, which is available upon request. THE INTERNET-THE GUTS Cisco Systems [CSCO-71.81 + 15.01 = +26%] 56.88 Buy 6/10/99 10/6: Consolidation, no sell signals. No change. This is not joyful. We are moving up, that is for sure, but the pace at which we are doing it is not a useful or efficient use of capital. We are at an annualized rate of about +100% on this stock, but the majority of the contribution came early in the game on our recommendation. We will stay but will cut to positive. We need some fireworks soon. CNET [CNET-60.25 +30.31 = +101%] 29.94 Buy 8/5/99 9/23/99: Consolidation appears complete.buy. The high on this stock was around $78.whether we are going there or not is unknown, but the stock moves, consolidates and moves again and it is an IMPORTANT company in the scheme. 10/4/99: now up 95% but I have no sell signals on VTART so you are stuck with making more money buy the looks of it. You don't mind, do you? Resurgent buys signals and even less speculation than a month a go. Have a glass of milk and let your profits run. Got it? 10/8/99: no change. STILL no reason to take this crummy 101% profit. If the speculation was there, believe me we would be gone.but.we will not let you sell before its time. Earthlink Network, Inc. Mindspring merger. See Mindspring. Globix [GBIX-43.88 - $0.37 = -1%] 44.25 Positive 09/23/1999 9/23/99: time to take the profit and reverse course to Positive. Series of better performing bottoms and VTAR numbers improving. 10/4/99: we like the relative lack of speculation. Let's upgrade from Positive to Buy. 10-8-99: Not quite ready. While I was at the Internet Show in NYC last week, GBIX must have had 75 people there all in red shorts strong-arming everyone in sight to pitch.verrrrrrrrry aggressive. And they do have something to sell! No change, positive. Strong Buy on a break of $40. IBS Interactive [IBSX-18/75 -2.88 = -10% actual and signal change to neutral]] 21.63 Negative 09/23/1999 8/3/99: the negative is working, but this stock is not so bad. No change in the opinion, but we are becoming moderately impressed. 8/22/99: Here are the earnings.or rather the lack of earnings.we will look for the break into the teens. No change. 9/3/99: Enuf on the downside. Let's go to accumulate. 9/23/99: no power. Reverse it to negative. Teens in store by the looks of it. 10/4/99: OK.to Positive. Little nutty, but better to be right than take the gas pipe with any stock. 10/8/99: gave it a chance. But not acting correctly. Out and gone Harmonic Light- [HLIT-141] We have no position and no opinion. 8/22/99: the party took this to about 96.not bad.we are still just watching. 9/3/99: nice mover but we are not playing this time. 9/23/99: we have been watching for a place to take action but have not yet found it. Watching. 10/4/99: no change 10/8/99. Quite the animal. Inktomi [INKT -129.88] 139.00 Neutral 09/23/1999 9/21/99: the buy was and is weak, but the sellers are nowhere in sight...however, we are some distance away from the base so let's take the risk off the table and sell. We may re-visit sub $130. 10/4/99: well we are sub-130 by about 15 points, so let's see if this works: Buy break of $110. Strong buy on a break of $100. 10.8: well no break of $110...the dog. We will stay neutral since we did not get our exact price.the best you could have done was $113. Intel [INTC-75.69 + $0.56 = flat] 76.25 Negative 10/04/1999 9/23/99.weak sell signal and these can turn into real sell signals, but for the moment we will step aside and go to neutral. It met the objective of about 25%. 10/4/99: please with the stepping aside. 10/4/99: Appears lower. Negative. 10/8/99: the other shoe is about to drop.and can affect the market as well. Sell from "Negative." Internet America, Inc. [GEEK-12.19 + $0.31 = +1% = flat] 11.88 Accm SB Brk 10 9/3/99 9/23/99: maintaining positive stance. 10.4.99 No change. Accumulate the dulls. Since when do bottoms look good and no wisecracks about Bubbles LaRue [the Mrs.]? 10/8: Here is the "hot" news from GEEK: "PRNewswire/ -- Internet America, Inc. (NASDAQ: GEEK) announced that Elizabeth Palmer Daane has joined the company as vice president, general counsel and secretary. Daane comes to Internet America from Jackson Walker LLP, a prominent Texas law firm where she specialized in corporate and securities law." Now that is news.we were wondering where Liz was and what she was up to and now this.well this answers it for us.I mean is GEEK lucky or what? I mean Liz is no dope.just look at this: "Dane, 33, was graduated with honors from the University of North Carolina School of Law in Chapel Hill, and she completed her undergraduate work magna cum laude at Wake Forest University in Winston-Salem, NC." And only 33.can you imagine her contribution over the next 33 years...I can hardly wait.how about you. Liz Daane.WHAT A COUP! In a related story, Vinnie "the Lip" dropped off packages at the reception area last week at the GEEK HQ and there is a new produce manager at the Piggly Wiggly in Rabbit Hash, KY. WE ARE STAYING WITH THE ACCUMULATE RATING. Lucent [LU-64.00 + 4.06 = +6% actual and signal change to negative] 59.94 Buy 6/10/99 Well, we are not appreciative of the numbers on LU.we are going to go to only positive. But also if there is an upside break to $67.50 that will trigger a sell. 10-8: We did not get our $67.50 to sell and the best we could have done was about 66+. Now we have to go to negative. Macromedia [MACR-53.19 + 9.94 = + 22%] 43.25 Accumulate 9/3/99 9/3/99: the hype job by the company worked."Flash" is becoming a very important product. Let's go with it. Accumulate. 9/21/99: The key is it can it hold the consolidation. We are watching and staying positive. 10/4/99 we very much like the action here. We may be off a half or so, but we are raising to Strong Buy. 10/8/99: No change.Strong Buy. Nice week and we want you to lean on this. We are looking at more than a 22% hit here. MACR was swamped at the Internet Show. Go find out what they do. Do it. Microsoft [MSFT-94.94 + 2.38 = + 2%] 92.56 Positive 10/04/1999 9/21/99: It is not comfortable being negative, but the buy signal was so weak, we are staying negative for the moment. 10/5/99 a weak buy signal that got stronger. Not a comfortable buy, but positive. 10/8/99: triple digits...of course and then some more and then a split.yawn.. OK to buy. Mindspring Enterprises [MSPG-28.88] 28.88 Accumulate 10/08/1999 9/3/99: We have been negative long enuf. To Neutral and watching. 9/23/99: Merger with Earthlink. No change in opinion. 10-4-99: no change. 10/8/99: Positive.in fact.accumulate. Novell [NOVL-20.69 - 3.06 = - 13%] 23.75 Buy 6/10/99 The price destruction and the volume are looking good. Buy the break of $15; otherwise stay.who knows at these prices someone may want the whole thing. 10/8/99: It was a hard battle, but the seller got out.@17+.and now we are looking at moving to the mid- twenties. Traders may buy the break of $20. Nortel Networks [NT.53.69 = 5.69 = + 11% & signal change to Buy] 48.00 Strong Buy 9/23/99 Here is a case of a stock that should have performed better. We will go to neutral. 9/21/99: Oh ye of little patience. OK, Buy. Make it strong Buy. This is an important stock.10/4/99: very powerful move on the WCOM, BLS deals for Sprint.so given the newsy aspect, let's reduce a little to just Buy. 10/8/99: Maybe not an Internet stock, but is acting like one. No change. We have higher numbers in mind for you. Now relax. Got it? Open Text Corp. [OTEX-23.81 + 2.43 = + 11%] 21.38 Buy 10/04/1999 10/4/99: after these very decent consolidations, we have to give them the benefit of the doubt. So Buy. 10/8/99. VTAR numbers suggest we move to Strong Buy.so we move to Strong Buy. This is interesting as well: "-Oct. 5, 1999--Open Text(TM) (NASDAQ:OTEX)(TSE:OTC), the leading provider of collaborative knowledge management and corporate portal solutions, announced today that its flagship product, Livelink(R), will be used by Hewlett-Packard Company's Consulting Division worldwide. "Livelink is currently in use by our Japanese consulting organization and we have chosen to provide the same capabilities across our worldwide team," said Ms. Margaret Parskey, Knowledge Management Program manager, HP Consulting. "Livelink will provide our consultants with the ability to share information more readily, collaborate on new projects and reuse strategies and documents previously developed by co-workers." Hewlett-Packard Consulting required a robust collaborative knowledge management system that enables users to share and leverage knowledge around the world. Livelink allows users to capture and reuse corporate knowledge, providing predictable high quality business results to clients." Similar announcement with Lucent. Realnetworks [RNWK- 115 + 17.50 = + 17%] 97.50 Buy 09/23/1999 9/23/99: went positive intra-report.repetitive buy signals and we are going with it. Buy 10/4/99: not acting like a leader.under review but still positive. 10/8/99: Passed.and still positive.woke up just in time. Silicon Graphics [SGI-10.50 - -6.44 = - 38%] 16.94 Buy 7/18/99 10/4/99: still no fun and we will have to see the rally phase. 10/8/99: We are going to pull this one out we think. Move from Buy to Strong buy and expect and hope for a break of $0 to buy and reverse to the upside. Spyglass [SPYG-11.62 - $0/63 = - 5% actual and signal change to neutral] 12.25 Positive 9/3/99 8/22/99: weak little rally. No change. 9/3/99: every opportunity to get crushed and now does not seem likely. OK to accumulate here. Positive. Let's take the 28% and reverse to the long side. 9/23/99: becoming convincing and the signal improves. Constructive. 10/4/99: here was the place and it did not happen. Over the side. Neutral. 10/8/99: Neutral...no change Rare Medium [RRRR-11.00 = + 1.06 = + 10%] 9.94 Buy 7/27/99 Accumulate and Strong Buy on break of 10. 9/3/99: no change.continue to accumulate the under ten. 9/23/99: the signal improves.no change/get the under stock gently. 10/4/99: Continue to accumulate, particularly the sub $10 stock. 10/8/99: Let's move to Strong Buy; we have the base, we have a lift.it would be nice to see a break of ten again to let you buy.but not too likely. SunMicrosystems [SUNW-92.56 + + 32.62 = +54% actual and signal change to negative.] 59.94 Accumulate 6/10/99 8/3/99: Like a rock. Buy. 8/22/99: buy the infrastructure. 9/3/99: Incredible stock and company/ Still no evidence of rank speculation and we are not letting loose. Feel free to dive in during any bad week. 9/23/99: Producing excellent returns.but we are still in very good shape. No change from the 9/3/99 comment. 10/4/99: given an excuse it moves. And without excessive speculation. But that could happen on a break into triple digits. To Positive from Accumulate and sell the up break of $107.50. 10/8/99: we gave this the benefit of the doubt and hoped it would spike to our escape number. It didn't, so now we are negative, our and will have to be satisfied with this stupid 54% profit in four months. It did its job.now maybe again, but this time on the downside. PORTALS America Online [AOL-121.81 Weak buy signals.we will not participate this round. To neutral. 10/8/99: Content to watch. Ask Jeeves [ASKJ-50.44] Monitor List Go2Net [GNET- 66 + 6.06 = + 10%] 59.94 Buy 8/31/99 We have the begi9nning of a reversal to the downside.under review but no signal change yet. 10/8/99: nice recovery and now we feel comfortable. Infoseek Corp [SEEK-30.44 -$0.56 = -2%] 30.44 Neutral 10/04/1999 No strong buy signal yet, but it could come. Accumulate the under $30 stock. Accumulate. 10/4/99: let's fade and take the money off the table. Should be throwing off better VTAR numbers. To neutral. 10/8/99: Buy the break of $33. Look Smart [LOOK-25.94 & signal change to Buy-stock hit Buy Brk Point of $25 +$1.00 = + 4%] 24.94 Buy 10/05/1999 10/4/99: It had every excuse to crash in the last week and it did not. We are going to the sidelines to Look at Look. Neutral. But buy break of $25. 10/8/99: we hit our buy break point and have a Buy at $24.94. We like the action and the VTAR numbers are suggesting a Strong Buy.so let's buy. Lycos [LCOS-59.62 + 9.68 = + 19%] 49.94 Buy 7/20/99 10/4/99: nice resurgent buy signal.not the strongest.but acceptable. Buy. 10/8/99 and move it did. Buy this retrenchment.with both feet methinks. If you are lucky, YOU MIGHT see a break of $55.try for it. The point is that you would be looking to buy this pullback. Got it. Now Strong Buy. Prodigy [PRGY-17.12 - 2.88 = - 15%] 20.00 Buy 8/22/99 9/23/99: Passed review. Positive. 10/4/99: No change. 10/8/99: Raise to Strong Buy. This looks like the reversal pint to the upside. PSINET [PSIX-40.94 - $0.19 = 1% actual and signal change to Positive] ISP collector and making it work. Sportsline.com* [SPLN- 29.12 + 4.62 = + 18%] 24.50 Accumulate 9/3/99 "We have never been on the long side of this stock. That time appears to be at hand. Positive rating." 9/23/99: and glad we did.Move to buy and we will see if we can get the mirror move of the crunch from the $50's. 10/4/99: consolidating the move. If there is real power it will show itself here. Let's see. 10/8/99 No change.buy.accumulate the under $30 stock. * Name change from Sportsline, USA TheGlobe.com [TGLO. 16.38 = 4.00 = + 32%] 9/23/99 12.38 Accumulate A very nice move to the $16 level and now the stock has given back 75% of the move. We now go to "accumulate. 10/4/99 Let's go to a "buy." Very nice resurgent buy signals. 10/8/99.very nice week and doubled the percentage accomplishment.that is useful for you.buy the little pullbacks likely to take place.maybe a small $15 break if you are lucky. Yahoo [YHOO-192.12 - 20.93 = - 13% actual and signal change to neutral] 171.19 Negative 10/04/1999 To the negative side. 10/8/99: I don't like the pattern, but the number is there.I will take the stock off the negative side and after a string of decent trades, take the hit here.we had taken a + 24%, a + 12%, a -3%, a + 18% and a + 10% and this -12% all since June 10th. So that is 64% to the upside and 15% to the down. It is time for me not to play in this sandbox for a while. WEB COMMUNITIES Ivillage [IVIL-34.50 - $0.44 = - 1%] 34.94 Buy 9/2/99 Buy. 9/23/99 and now we are beginning to cook on the plus side. Very nice jolt to the upside. Constructive and waiting for the confirmation with VTAR numbers soon, we expect. 10/4/99: the sell is going nowhere, but where is the power? May not be worth the expenditure of capital.in review but still positive. 10/8/99: OK in review. Accumulate. XOOM.com [XMCM-55.12 + 15.18 = + 38 %] 39.94 Buy 8/25/99 Very nice double buys on VTAR.we are staying. 10/8/99: and stay some more. Remain constructive. NEWS AGGREGATORS Infospace [INSP-48.75 - 6.81 = -16% actual and signal change to buy] 48.75 Buy 10/08/1999 10/8/99: went positive mid-report. So to the plus side with a "Buy" rating. Newsedge [NEWZ- + 1.00 = +12%] 8.06 Buy 6/10/99 8/22/99: VTART numbers continue to improve. Now Strong Buy again. 9/3/99: no change. Strong Buy. 9/23/99: numbers continue to improve. 10/4/99.and improve some more. No change. 10/8/99: Buy any eight-dollar stock you can find. No change, Strong Buy. You can hear my comments on this stock at www.vcall.com ["Previous Reports"] and you can also hear the President of NEWZ at the same location who spoke the day after the writer. E-MALLS Cybershop [CYSP-6.38 - 1.06 = -14%] 7.44 Positive 7/5/99 The VTART numbers continue to improve.let's continue on the buy side. 9/23/99: Accumulate.but is there any power? Not yet, but dullness is always dullness.10/4/99: Understand ---we are bottom picking and it looks as if the sellers crunched out.no change - Positive. 10/8/99: VTAR numbers continue to improve. Upgrade to Buy. Creative Computers, Inc. [MALL-6.50 - $0.25 = flat] 6.75 Positive 8/3/99 Back in and slightly positive. 8/22/99: well that was helpful. Very nice lift and even better VTART numbers. Let's go to accumulate gently as well. 9/3/99: hope it was gentle. We can't say too much for the weak market makers in this stock, but the stock remains constructive for accumulation. 9/23/99 and there has been some improvement. We remain positive but not ecstatic. 10/4/99: it is working. Verrrrrrry hard work indeed but this will begin to pay off we believe. No change. IMALL [IMAL- 22.44 + 2.94 = + 15%] 10/5/99 Buy. Odd place to show strength, but there it is.OK with me. 10/8/99: No change. any break of $20. RETAIL-INTERNET Amazon [AMZN-89.25] We are neutral, but now will buy the break of $70. 10/8/99: no change. At the top end of the range.I think we will just observe. Audio Book Club [KLB-13 + + 3.44 = + 35%] 9.56 Accumulate 9/23/99 9/3/99: OK it fell off a cliff and that is enuf.from sell to neutral. 9/23/99: and now we have an early "buy" signal. So accumulate the under $10 10/4/99: and that worked just ducky.move to "Buy" signal from Accumulate 10/8/99: it would be tempting to sell and try to re-buy.but we will just stay long and pleased with the very nice VTAR numbers. Auto by Tel [ABTL-16.12 + $0.62 = + 4%] 15.50 Buy 9/3/99 9/23/99: this is still and early buy signal and we are staying constructive. 10/4/99: No change. We like the action here. Buy. 10/8/99: explosion to the upside with a high of $20 3/8. There is a price to pay for that and it is in this consolidation that is presently on going. But buy this break. Move to Strong Buy. From Briefing.com: Autobytel (ABTL) 17 15/16 +4 5/8: The stock is rising sharply today, as word is leaking out that the company will unveil a new strategy for selling cars. The current model of a lead generator, just doesn't work, long term. It has to now be viewed as just the first take on how to sell cars on the Internet. Autoweb (AWEB) and Autobytel both started business as an internet lead generator for already established car dealers. The original model for both companies was a flat-monthly fee to be part of the service. A user checks out the site, and the info that Autobytel or Autoweb provides and then requests a price quote. The lead is routed to a car dealer who then follows up with a phone call or email. Exactly what kind of quote the dealer provides is up to the dealer. This model failed for Autoweb, as they experienced a 2/3-cancellation rate by dealers in the first year of business. Dealers did not renew their contracts, proving that the service generated leads, but not sales. Autoweb changed to a per-lead generated fee (about $29), but that also hasn't proven to generate more car sales for dealers. Now it is Autobytel's turn to change their business model, and while no announcement has been made by the company, the circulating word is that Autobytel will allow users to bid on cars. Audio Highway [AHWY-10.88 - 2.25 = - 17%] 13.13 Accumulate 8/22/99 8/22/99: enuf dullness, enuf price destruction, let's accumulate. 9/3/99: We too almost 40% out of the negative side of this stock and STILL there was more in it. We have moved to accumulate and that opinion stays. 9/23/99: improving numbers and we are constructive. Difficult to bottom pick, but hat is what we are paid for.No change. Nothing negative going on. 10/8/99: no change. No strong buy signal, but the sellers have hit the highway. From that come buy signals. Remain constructive. Accumulate. AutoWeb [AWEB-11.88 + 1.38 = + 13%] 10.50 Positive 8/22/99 10.12 Buy 10/04/1999 9/3/99: see section above on ABTL. Numbers are not quite right, but the market will take us out to a flat position by the looks of it. We are long and don't want to be. Sell break of 10 « to recover investment. The numbers are improving, so let's stay positive. Cancel the sell $10.50. 10.4.99: Perfect. Move to a Buy. 10/8/99: no change Barnes & Noble [BKS-23.12 - 1.44 = -6% actual and signal change to negative] 24.56 Accumulate 9/3/99 26.06 Strong Buy 9/23/99 9/3/99: we waited and we will reverse to the positive side. 9/23/99: it is likely we will soon get a VTAR resurgent Buy signal. Let us go to Strong Buy. 10/4/99: perfect rotational stuff going on. What is "rotational" stuff.none of your business.just get it done and ask questions later. 10/8/99 Babbages offer is screwing this up short-term. We will not stay & we wish this was handled better by BKS. Likely break of $20.we may re-visit. Barnes & Nole.com [BNBN-22.19 + 3.44 actual = +18 % & signal change to neutral] 18.75 Buy 8/22/99 18.94 Strong Buy 9/23/99 Ditto above. But let's make this a buy. 9/3/99: Still remain long. Buy. Numbers continue to improve. 9/23/99 and improve some more with positive cohesion above with Barnes & Noble [BKS-26.06] we will go to Strong Buy. 10/4/99: No worries mate.no change. Get it done. 10/8/99: let's go to neutral for the moment. See above. Beyond.com [BYND-15.12 - 2.82 = - 16%] 17.94 Accumulate 9/3/99 Positive from neutral, but we doubt any power here. 9/23/99 and went negative mid-report.no power? I guess. But the selling market-maker-related, so we will stay. No change. 10/4/99: OK turn...but now or never. No change 10/8/99: Very nice bounce. No change. Accumulate. Buy.com [private company] Monitor list Cheap tickets [CTIX-24.50 = - 16.38 = - 40%] 40.88 Positive 8/22/99 Nice upside fireworks.we will watch. 8/3/99: glad we only watched.now a sell. 8/22/99: we were looking for more on the downside but that is not likely. Now positive. 9/3/99: numbers should be a lot better. Sell the upside break of 41. 9/23/99: no upside moves to $41. We will hold. 10/4 tough to grit your teeth and do this, but if the stock is OK, you have to do it once in a while.but you must be diversified to do it.we like the turn here. Let's go to Buy from Positive. 10/8/99: Oversold...so what else is new? We are going round trip.now the break of $20 to set up the positive side. Cyberian Outpost [COOL-9.03] 9.03 Buy 10/08/1999 Accumulate still. 8/22/99: numbers continue to improve. Dull, but it will get you there in time. 9/3/99: dislike the numbers here again.some of these stocks even given the chance are having a hard time. We cannot go with them in such a condition. Sell break to the upside of $8.25 for recapture of investment. 9/23/99: out and neutral. 10/4/99.neutral still. 10/8/99: Buy. This is the base.let's get the base. Digital River [DRIV-21.19] 8/3/99: Negative still. 8/22/99: we got the break of $20, which was helpful and now let's go to "accumulate." 9/3/99: No change. Accumulate. 9/23/99: perhaps somewhat premature so we will exit and to neutral. 10/8/99: some minor improvement, but we will not play. Etoys [ETYS-82.50] Monitor list. Not recommended position. Certainly moves.but we will just watch. Not playing this cycle. Getty Images [GETY-24.38 + 2 = + 8%] 22.38 Buy 10/04/1999 Nice spike to the 24 level suggests that accumulation here can pay off. A nice spike but on spec volume. 9/23/99: Let us exit and return if we see a break of $22.50. It does appear VERY strong, but let's trade it.10/4/99: we hit the buy break point at $22.50 and are buyers at $22.38. 10/8/99: satisfied with the buy point. No change.Buy. Intimate Brands [IBI-45.50 + 3.94 = + 9% actual and signal change to Sell, Buy Brk 40] 41.56 Positive 10/04/1999 The stock went positive mid-report...it appears convincing. Positive. 10/8/99: Let's take the risk off the table and re-visit again sub-40. So, Sell, Buy break of $40. Navarre [NAVR-13.50 + 3.62 = + 36%] 9.88 Positive 10/04/1999 Trying to rotate to the plus side...we will go along with it. 10/8/99: and the actions suggest that the move may stick.so we will as well. No change-Positive. Onsale [ONSL-17.88 - 7.37 = - 29%] 25.25 Positive 7/5/99 Here is the point of positive rotation.but dull? Yes. 10/8/99: Let's upgrade to buy. Peapod [PPOD-10.62 + 1.74 = + 20%] 8.88 Positive 7/5/99 8.25 Strong Buy 09/24/1999 In the base and we are staying the course. Accumulate. The key will be the performance in the market rally. 9/24/99: we now rate PPOD as a Strong Buy. 10/4/99: I guess! Very attractive move off the base. We will reduce slightly our rating to buy, but hat is still a most strong signal. Indeed.10/8/99: OK, we got the rice concession we wanted, now back to Strong Buy. Preview Travel [PTVL-33.12 + 13.18 = + 66%] 19.94 Buy 7/22/99 9/24/99: we have no strong buy signal but this is the area of the base and that base produced runs five different times and the sell signals are getting weaker and weaker. We are staying the course. 10/4/99: We are staying. Nice news: "Oct. 4 /PRNewswire/ -- Sabre Holdings Corporation (NYSE: TSG) and Preview Travel, Inc. (NASDAQ: PTVL) today announced the creation of a new company that combines Sabre's Travelocity.com division with Preview Travel. The transaction creates the clear leader in online travel, a new company that will be known as Travelocity.com. Sabre will retain 70 percent ownership of the new company with the remaining 30 percent owned by Preview Travel stockholders. The new company will benefit from a new, five-year contract with America Online, Inc. that makes Travelocity.com the exclusive reservations engine for all travel-related services within the AOL service, AOL.COM, CompuServe, Digital City and Netscape, and provides Travelocity.com with a share of specified travel-related advertising revenues. In addition, Yahoo Inc. has extended its existing contract with Travelocity.com and has agreed to invest in the new entity." 10/8/99: and glad we stayed. We are fastening our seat belts and will buy more on a break of $30. If a break of $30, we will go to Strong Buy Ticketmaster B [TMCS-24.00 - 4.50 = - 16%] 28.50 Positive 8/22/99 8/22/99: The Sell at $37.13 worked OK, but let's not overstay on the sell side. Positive. 9/3/99: how will it work in the rally? We remain constructive but the test is now. 9/24/99: No strong buy signals yet, but this is the base. Remain constructive. 10/4/99 no change.dull. OK. Dull can be good. 10/8/99: to Buy and dull is good. AUCTIONS: EBay [EBAY-151.12] 8/22/99: very nice improvement. Accumulate. 9/3/99. It must extend here in the rally. No change. 9/24/99: the rally did extend it to about the $150 levels but now the market will do some damage short-term. Remain constructive and by the market related crunch. It is the leader. Well, for the leader it acts like the caboose. To Neutral and the risk if removed. We dislike and will not play. No opinion. Sotheby's Holdings [BID-28.94.] 28.06 Positive 10/04/1999 Acts better...and all over the map.Do not want to be negative this thin stock. 10/8/99: and this is Sotheby's best season and there is lot's of money around.I picked up a couple Van Goghs myself the other day and a Rembrandts that caught me fancy. Maxed out the Diners Club & they gave me $20 in cash for the cab ride back to the ATM. Damn swell people. Bunch of swells. UBID [UBID-37.56 + 16.56 = + 78% actual and signal change to sell & buy break of $30] 21.00 Positive 08/3/99 24.69 Buy 08/22/1999 9/24/99: No strong buy signal yet, but the sell signals are very weak indeed and the stock progress in a stealthy fashion. Positive. The secondary is priced and placed and that is a positive with a good prospectus out there for institutional readership. 10/4/99: resurgent buy signal. Not likely to do a repeat of the December '98 move $33 15/16 to $134.but we will take what we can get out of it. 10/8/99: let's sell and re-buy the break of $30. BUSINESS TO BUSINESS Broadvision [BVSN-172.00 + 108.50 = + 170% actual and signal change to neutral] 63.50 Buy 6/28/99 Crunched a little with the market. We will watch the recovery. Positive. The recovery was even better than expected. Strong Buy. 9/24/99: market zapping from the recent high, but we are staying with this leader. Strong Buy. We are not satisfied with a double in 90 days. 10/4/99: Slight change from Strong Buy to "buy." 10/8/99: Sell. Need we give you a reason? To neutral. Don't get spoiled.680% annualized rates of return are...well.shall we say.er.ah."stupid?" Check Point Software Technology [CHKP-88.50 + 36.50 = + 70%] 52.00 Buy 6/10/99 87.50 Strong Buy 10/04/1999 Moving like another Broadvision.very low levels of speculation. Strong buy.still. Lean on it. 9/24/99 moved well and we are staying. Use any market panic to acquire additional. 10/4/99 you had your little market panic to buy and now we are raising to Strong buy. Yes.even after a 68% point move.there is still the potential for very measurable gains. 10/8/99: upcoming very violent stage. Buy the crunches. Remain Strong Buy. Take any decent discount. Cybercash [CYCH-9.06 - $0.03 = flat%] 9.09 Buy 8/22/99 It looks like a positive rotation to us.power? Hard to say...Probably not. No power.yet. Sell numbers are very weak, but we need to push.this would be the spot. 10/4/99: See, there is life in this dog. No change. Buy. 10/8/99: Strong Buy. Earthweb [EWBX-41.00 + 4.38 = + 11%] 36.62 Accumulate 9/23/99 Remain neutral. The market may help it. 9/24/99: the market did help a little. Let's go to "accumulate" [gently]. 10.4.99: and now to "Buy." 10/8/99: the numbers continue to improve. Buy the break of $40 to add. Exodus Communications [EXDS-70.00] 10/8/99: no change. 75.69 Sell 9/3/99 Global Crossing [GBLX-36.50 + 8.62 = + 30%] 27.88 Accumulate 09/24/1999 9/24/99: We are going to buy.the consolidation was extensive and the VTAR numbers are improving. Accumulate gently 10/4/99: very gently. 10/8/99: you will likely not see any discount from current prices to amount to anything. Upgrade to Strong Buy. MicroStrategy [MSTR -68.88] New coverage.on Monitor list Razorfish [RAZF-44.75 + 3.25 = + 7%] 41.50 Buy 09/24/1999 Placed on our Core 2,000 group. 10/8/99: no change. Buy RoweCom [ROWE-29.75 + 13.50 = + 83%] 16.25 Buy 8/22/99 The sub teens were the place to buy; for sure.This looks very powerful. Strong Buy. Get it done. RoweCom Inc. 725 Concord Avenue, Cambridge, MA 02138 (617) 497-5800. 9/24/99.the up-move was explosive. You may lean on this as it gets whacked a little in the crunch. Very positive10/8/99: No change. Strong Buy. Sterling Commerce [SE-23.00 - 10.88 = - 32%] 33.88 Buy 6/28/99 The recovery should be in progress. It has been difficult living with this stock, but the company is solid and worth of the round trip. Constructive and positive. 9/24/99: hard battle here. No change. 10/4/99: and still no change. 10/8/99: Upgrade to Strong Buy. The discounts are finished. US Internetworking [USIX-25.69 + 5.19 = + 25%] 20.50 Buy &S B Brk 17.50 09/27/1999 New coverage; but the break of $17.50. The $56 high was impressive, so let' s buy the tax loss selling. 10/4/99: Buy. 10/5/99.Consolidating.continue purchase mode. 10/8/99: upgrade to Strong Buy on this pullback. USWEB/CKS [USWB-30.75 + $0.81 = + 2% hit Buy Brk of $30 for new Buy signal] Neutral.buy the break of $30. 10/8/99: It did on 10/7/99. 10/8/99.Buy. VeriSign [VRSN-115.25 -Neutral] 10/8/99: Buy the break of $110. VerticalNet [VERT-58.19 + 21.69 = + 59%] 36.50 Buy 8/5/99 9/24/99: no strong buy signal yet, but the sells are quite weak. Bottom picking here a little and we will stay constructive. 10.4.99: we have the strong buy signals...so that is it. 10/8/99: we are not diving off.stay with it. Positive. FINANCIAL SERVICES Ameritrade [AMTD-17.84 + 1.91 = + 10% actual & signal change to neutral] 17.84 Accumulate 10/04/1999 9/3/99: new rally may lift this, but we will not play. Neutral. 9/23/99 The sells are getting weaker.we may play during tax loss selling season when some investors may throw it over the side. 10/4/99: there is probably a trade here...so, accumulate. 10/8/99: let's try to re-enter lower. Sell and now neutral. Buy Brk $15 CMGI, Inc. [CMGI-112.50 + 13 actual = +`13% actual and signal change] 86.25 Neutral 9/3/99 About the same as AMTD above. We just don't see the power. But there is a rally in place, so we will re-visit later. Neutral 9/24/99 and neutral is just about right. Let's continue to watch. OK, a buy signal...we don't like the numbers in total, but the odds favor the long side. 10/8/99- same as above. Our trigger finger is itchier on these stocks when they are in market only rally phase. Sell, and Buy Break $100. Datek Online Holdings [Privately Held-Monitor only] this is NOT a day trading firm. This is a straightforward on line broker. E*Trade [EGRP-26.88 + 3.63 = + 15% actual and signal change] 23.25 Accumulate 10/04/1999 Neutral. We are not there. No opinion. 9/4/99.a very weak buy signal. We will not play. Neutral. 9/24/99: No change and no interest although I like Clearstation that they bought. Buy why Clearstation sold is a mystery to me. 10/4/99: a trade here as well. Accumulate. 10/8/99: again the same as above. Buy break of $22, and sell. Multex [MLTX-17.19 - 8.06 = - 32%] 17.19 Accumulate 10/04/1999 10/8/99: no change. Gently accumulate. Next Card [NXCD-27.50 + 4.31 = + 18%] 23.19 Buy 10/04/1999 10/4.we are not going to get our wish of one more blast, so we will just buy. 10/8/99: it has a lot of room...give it some room. Buy. Schwab [SCH-37.9375 + 4.1875 = + 12% actual and signal change to neutral] 33.75 Positive 10/04/1999 This stock was ready to fall apart at the seams...the rally saved it from going over the cliff. We continue to avoid involvement. 9/24/99: we see no near-term potential here.10.5.99: Positive, but just barely. 10/8/99: not good enuf for us. Take the 12% and go to neutral. Marketwatch.com [MKTW-50.00 - $0.06 = - 1%] Buy signals. We will go with it. 10/8/99 since we are eliminating most exposure in this area, let's complete the job. Sell and now neutral. Secur Dynamics now RSA Security - Sym RSAS-32.00 + 2.38 = + 8%] 29.62 Buy 10/04/1999 The name change did some good. We will participate. Buy. 10/8/99: We like, very much, the action and the VTAR numbers here. Do not avoid. Buy. Security First Tech [SONE-40.00 - 3.38 = - 8%] 43.38 Buy 09/03/1999 Develops integrated, brandable Internet applications that enable financial institutions to offer products, services and transactions over the Internet.9/3/99 Back to the buy side.does appear very powerful. Buy. 9/24/99: close to a resurgent buy signal. Continue very constructive. 10/4/99: Strong Buy. Numbers are improving. 10/8/99: no change. Softbank [SFTBF 43,850 Yen + 8,880 Yen = +24% price is closing price in Japan a/o 10.7.99] 35,300.00 Buy 09/24/1999 9/24/99: Buy [Japanese-no ADR's] 102.4 million shares O/S SOFTBANK Corp. 1 http://www.softbank.co.jp/sbadmin/index_e.html About SOFTBANK CORP. SOFTBANK CORP. is a leading provider of information and distribution services for the digital information industry. In addition to being Japan's largest distributors of packaged software and hardware, SOFTBANK has stakes in more than 60 Internet-related companies. SOFTBANK owns approximately 51 percent of Yahoo Japan Corporation (JOTC: 4689), 60 percent of GeoCities Japan Corporation, 100 percent of ZDNet Japan, 50 percent of broadcast.com Japan k.k., 60 percent of E-Loan Japan K.K., as well as 58 percent of E*TRADE Japan K.K. In the United States, SOFTBANK owns approximately 69 percent of Ziff-Davis Inc. (NYSE: ZD), 26 percent of Yahoo! Inc. (NASDAQ: YHOO), 80 percent of Kingston Technology Company and 27 percent of E*TRADE Group, Inc. (Nasdaq: EGRP). STOCK PRICE: http://www.softbank.co.jp/ir/sprice_e.html 10/5/99: Drive your broker nuts...tell him you want to but this stock. No change. Buy. 10/8/99: No change.we remain very constructive. Winfield Capital [WCAP-18.38 + $0.76 + + 4% actual and signal change to neutral] 17.62 Accumulate 10/4/99 8/22/99: But let's take the money off the table and buy the break of 14. 9/3/99: It did not break 14.try 14 ¬. Neutral here. 9/24/99. Slight improvement, but we remain neutral. 10/4/99 gently accumulate. We had lots of fun with this before.not likely a repeat, but probably good enuf. 10/8/99. Not good enuf. Sell and to neutral. Wit Capital [WITC-19] Monitor List ADVERTISING RELATED 24/7 Media [TFSM-47.375 + 16.495 = + 53%] 30.88 Buy 09/24/1999 This stock has returned about 55% in two profitable trades and lost 30% in three trades and now here we are on the long side again. Some stock. 9/24/99: violent for sure. No change. Buy.10/5/99: patience rewarded. Now Strong Buy. 10/8/99: Please do not sell this stock. Add to positions on any excuse to the downside. Continue Strong Buy. Double Click [DCLK-136.62] 9/24/99: We can buy the break of $100. Neutral until then. 10/5/99. We are not playing. 10/8/99: our play here is 24/7 above and we will continue that way. Netgravity [NETG-37.56] See DCLK above. At the moment we would favor NETG vs. DCLK. TIN BOXES WITH WEIRD LOOKING STUFF LOOSELY PACKED INSIDE Apple Computer [AAPL-65.56 + $0.75 = + 1% and signal change to neutral] 64.81 Buy 9/24/99 9/24/99: We hit the Sell stop point of 69 13/16 and went negative. Now let' s reverse and buy again. That drop took a lot of the spec buying out. 10/4/99: pleased with the purchase. No change. 10/8/99: Let's not play anymore. Sell and neutral. We are in "no-man's land" in many of these stock.not worthy of investment long or short...basically ink in the Wall Street Journal and a waste of ink at that. Why play if there is no hay? Compaq [CPQ-21.75] 22.88 Neg-buy Brk 17.50 9/24/99 10/4/99: if we can't kill it in the last two weeks, we can't kill lit. Face facts. Neutral to very slightly positive. 10/8/99: no change.neutral. But, Buy the break of $17.50. DELL [DELL-45.50 + 2.25] = + 5%] 43.25 Positive 10/04/1999 10/4/99: Cleaned on the downside. Positive short term 10/8/99: Positive.the computers with no cows on the side. Gateway [GTW-51.75] Neutral 30.75 Positive 7/5/99 Micron Electronics [MUEI- 10.31 + .37 =3% 9.94 Buy 6/28/99 9/24/99.yes, we know.earthquake this and earthquake that.buy the stock. 10.4.99.now let's go with a Strong Buy. 10/8/99: no change. WIRELESS, DSL TELEPHONY & MISC Adaptive Broadband Corp [ADAP-38.62 + 7.87 = + 25%] 30.75 Buy 09/24/1999 9/24/99: now appears powerful Got cleaned below $30 and now we are buyers. 104/99: Moving up a notch to Strong buy. 10/8/99: and still no indication of any reason to hit the silk. Stay. Buy. Wireless broadband. ASM Lithography Holding [ASML- 70.81 + 11.93 = + 20%] 58.88 Accumulate 8/22/99 Sell up break 64. 8/22/99. You got the upbreak of $64 and now a sell as of 8/11/99. 8/22/99: all over the map. Now back to the accumulate phase. 9/24/99: Here is how we have to do it in a trading range. We like Long-term, but we are on the cautious side. 10/4/99 no need for the yellow light. Buy. Broadcom [BRCM-119.31 + 2.25 = + 1%] 117.06 Strong Buy 10/04/1999 We are doing OK on this, but to be safe.Listen: Sell Stop 119 15/16] and stay tuned. Some of the numbers are suspect, but Friday was OK.close attention is required. If you own it, get in contact. Nice move and nice giveback and with the market it is understandable. We will stay. 9/24/99: we are out on the stop at $119 15/16 and short term negative at that point. Now let's go neutral and Buy the Break of $100. 10/4/99. Numbers are excellent.we are Strong Buy. 10/8/99: resurgent buy signals. No change. Strong Buy. Copper Mountain [CMTN-92.62 + 2.62 = +2%] 90.00 Accumulate 8/5/99 "Accumulate. Appears powerful and violent. New Coverage. 8/22/99 a very nice start to our new coverage about 27 points out of the box. And we will continue with the accumulate rating." 9/3/99: numbers are screwy.and this stock is VIOLENT.good, but the break of $100 and hang on.I think we will like this. 9/24/99: quite violent and that is OK as long as we are in the 80-90 range. The double top gives us a price objective of very measurable numbers over the $130 area.I don't usually place targets, but we have quite high expectations for Copper Mountain. It has very few shares in the float and a lot of morons are short.so we shall see. 10/4/99: Strong buy. No change.gets it done. 10/8/99: acceptable week for CMTN.can it extend is the question. Probably. Remain a Strong Buy. Covad Communications [COVD-41.88 - 1.00 = - 2%] 42.88 Strong Buy 09/30/1999 - On Core 2000 list. Strong Buy. Oct. 8, 1999--Covad Communications Group, Inc. (Nasdaq: COVD) today announced that it has filed a registration statement with the Securities and Exchange Commission for its previously announced offering of 13 million shares. The offering is comprised of approximately 11.4 million primary shares to be sold by Covad, with the remaining 1.6 million shares to be sold by Company management. In addition, the Company may sell an additional 1.95 million shares in the offering, pursuant to an over-allotment option. The Company intends to use the proceeds of the offering to expand its network, for sales and marketing activities, to support possible strategic investments and acquisitions, for working capital and for general corporate purposes. EFAX [EFAX-10.44 + $0.44 = flat] 10.00 Accumulate 09/03/1999 10.4.99 Very nice life about on schedule from the base. This helped: "-Oct. 4, 1999--eFax.com (NASDAQ: EFAX), the world's leading Internet provider of fax-to-email services, today announced a strategic alliance with Hewlett-Packard's Mobile Computing Division to offer its eFax Free fax-to-email service on every HP Pavilion Notebook PC, a move designed to specifically target the SOHO and Mobile Professional markets. Efficient Networks [EFNT-34.81] on monitor list...violent. 10/8/99: there is no easy way to buy this, so let's do it. Buy. Consumer installable DSL in the Bell South region. Juniper Networks [JNPR-213.00] on monitor list Network Plus [NPLS-13.12] Neutral. 9/24/99 No change, but getting interesting 10/4/99 but the break of ten. 10/8/99: no change. Mercury Interactive [MERQ-68 + 12.62 = + 41%] 48.00 Buy 8/22/99 Earnings per diluted share increased to $0.18, up from $0.10 for the second quarter of 1998. 9/3/99: very nice start. Buy. 9/24/99: very nice move and here is the giveback. Lean on this. Buy. 10/4/99 hopes you leaned on it. A Core 2,000 Stock. 10/8/99: No change Net2Phone [NTOP-57.25 + $0.56 = + 1%] 56.56 Buy 10/04/1999 Buy. 10/8/99: let's move to Strong Buy.enuf of a consolidation Net2Phone is a leading provider of voice-enhanced Internet communications services to individuals and businesses worldwide. Net2Phone enables people to place low-cost high quality calls from their computer, telephone, or fax machine to any telephone or fax machine in the world. Net2Phone develops and markets technology and services for IP voice and e-commerce solutions for the web and other IP networks. For more information about Net2Phone's products and services, please visit www.net2phone.com. Northpoint Technologies [NPNT-24.25 - 5.75 = - 19%] 30.00 Buy 9/3/99 9/24/99: well, we got the "breaks of $30" but to break to $20 is a bit much. So we are shifting from accumulate to Buy. And to think we took 14% out of this stock from the original buy point at $21+. 10/5/99.still not at the point yet...close. No Change. 10/8/99: Let's move to Strong Buy. PRI Automation [PRIA-36.62 + 1.12 = + 3%] 35.50 Buy 10/04/1999 To the buy side. 10/8/99: very nice and long sideways consolidation and appears ready to do the job. Remain constructive. Redback Networks [RBAK- 134.28 + 53.28 = +65%] 81.00 Buy 8/5/99 We have our seat belts fastened. Positive and buy the breaks of $100. Spec portfolios ONLY. 9/24/99: no change. Constructive. 10/4/99 this is crunch time.maybe a break of $100, but the fight is here. Another crummy mover.well, I know you all want to sell, but guess what.I won't let you. Buy. No indication of excessive speculation according to VTAR numbers. So you're stuck with it. Have a glass of milk and then a glass of buttermilk [then get a pail]. RF Microdevices [RFMD-49.88] Back to the Buy side.looking for new highs. 10/8/99: No change. Sierra [PMCS-89.50 + 28.25 = + 46% actual and signal change to neutral] 61.25 Buy 6/10/99 ".Quite violent but we will stay with the long side. " Buy. 8/5/99: no change.buy. 8/22/99: Nice little consolidation. Looks easy to triple digits. To Strong Buy." 9/3/99: We are holding you in.we know you want to sell. 9/24/99: Very nice heart attack and we are still in a "Strong Buy" mode. 10/5/99: and glad we are in the Strong Buy phase.still that way. Buy. 10/8/99: and now double sell VTAR signals...we are out. And neutral. JDS Uniphase -name change [JDSU-129.38 +27.44 = + 36%] 101.94 Buy 8/22/99 8/22/99: Let's do it again on the buy side. Very nice reversal numbers on VTART. Buy. 9/3/99: took the day off last Friday.we are watching.Positive. 9/24/99: we are thinking that the minor sideways movement is about over. To Strong Buy. 10/4/99: no change. Very positive numbers. QUALCOM [QCOM-213.94 - 23.98 actual and signal change to neutral = - 14%] Repetitive buy signals.but the risk is just not useful. To neutral. We will re-visit. MISC. INTERNET Excite@Home [ATHM-49.88 + 6.26 = + 14%] 43.62 Buy 10/04/1999 10/4/99: then numbers are good enuf. Buy here. 10/8/99: lifting well and we will maintain the Buy. Banyan [BNYN-9.25 + 1.31 = + 16%] 7.94 Positive 8/22/99 8/22/99: Went positive mid report and we will as well. 9/3/99Positive.but no catalyst in sight. 9/24/99: Resurgent buy signals and ignoring any element of a negative market. Move up to Strong Buy. 10.4.99: No change. Accumulate the below ten. 10/8/99: OK, you have the under $10 stock...get it. Strong Buy. CD Radio [CDRD-27.00 + 2.00 = + 8%] 25.00 Positive 6/10/99 9/24/99: Gave up the advance and now the risk levels are even lower. Move to Strong Buy. 10/4/99: No change. 10/8/99 Still a Strong Buy. Get it done. Healtheon [HLTH-41.00 + 1.50 = + 3%] 39.50 Buy 9/24/99 10/4/99: no change.Buy. 10/7/99.very normal little pullback. No change, Buy. Network Solutions [NSOL-99.88 + 41.26 = + 70%] 58.62 Buy 9/3/99 Now Strong Buy. 7/18/99.no change. 7/27/99: mid report reversal-minor profit instead of big one. Sell. 8/22/99" A very nice reversal in process. Go with it. Buy. 9/3/99: that old son.it's now or never. Well...it's now. Positive, but this is the point. 9/24/99 No change. 10/4/99: we see no reason to take this stinkin' 60% profit so we won't. Buy. 10/8/99: No change.we are staying with this horse. Ziff-Davis [ZD-16.00 + $0.37 = + 2%] 15.63 Accumulate 8/22/99 ZD-Net [ZDZ-19.44] New Coverage. Accumulate. We have waited in the anteroom for about six months.just watching.we are watching no more. ".Accumulate." And accumulate some more.Buy. 7/5: no change.7/18.$18. We have more than 18 in mind. Stay. Buy any weakness. 7/27/99 to neutral. 8/5/99: no change. 8/22/99: consolidation nearly complete. Accumulate again. 9/3/99: it is at point of rotation...so it must go or we will put a wooden stake in it and kill it. 9/24/99: the numbers improved and just in time. Buy. 10/4/99: no change. 10/7/99: Move up to Strong Buy. If it is good enuf for Softbank, it is good enuf for me. You can also pose questions to AXXel direct at AOL.com on AOL's MarketTalk hosted by Sage at AOL on Tuesdays at 2PM EST. Go to AOL and hit Keyword "PF Live" about 1:55 PM ET and you will get right in. You may also hear AXXel babble on the Gulfstar Group of Radio Stations out of Baton Rouge and "Wall Street Radio" by going to www.vcall.com on Tuesdays at 2:30 ET and from once/twice/week on the BBC "World Service" and "Radio Scotland." Radio "Diego Garcia" may be next and we are trying for Radio Andorra, Radio East Palo Alto and Radio San Marino. DISCLAIMER Investment decisions should not be based solely on our proprietary indicators, which are intended as an adjunct to your additional analysis. Please accept these comments as market commentary. We do not intend these comments to replace detailed fundamental analysis. We urge you to accomplish that additional research via your contacts on the Internet or through a trusted financial advisor. If you want additional information, we will give it upon your request. This report has been prepared from original sources and company data we believe to be reliable, but we make no representation as to its accuracy or completeness. This report is published solely for information purposes. It is not to be construed either as an offer to buy or sell or the solicitation of an offer to buy or sell any security or the provision of or an offer to provide investment services in any state where such an offer, solicitation or provision would be illegal. Any opinions expressed herein are statements of our judgement on this date and are subject to change without notice and we may not update that change to you. Platinum Equities, Inc., its affiliates and subsidiaries and/or their officers and employees may from time to time acquire, hold, or sell a position in the securities mentioned herein. The author of this report, Axxel Knutson, does not invest in any of the securities mentioned in this report nor does his immediate family unless such securities are included in mutual funds or index options. Equity investment involves risk of capital loss. We recommend that your portfolio be diversified by company size, industry group, geographic region and by currency. It should not be assumed that future selections will be profitable or will equal the performance of past selections. Securities listed herein illustrate selections made using proprietary indicators know as VTART [Volume Trade Analysis ResearchT]. These names, VTART, Trading EngineT, tradingengine.comT, Volume Trade Analysis ResearchT, are servicemarks/trademarks of AXXel Knutson and are given under revocable license to Platinum Equities, Inc. c 1999, All rights reserved, Axxel Knutson and Platinum Equities, Inc. Diversify. Got it? All recommendations and commentary are directed toward sophisticated, aggressive traders who have significant experience trading in a volatile market and who possess the financial resources to risk a loss of some or all of their invested funds. Commissions and, if you use margin, interest charge will lessen any return on investment. VTAR [Volume Trade Analysis Research] centers around the proprietary analysis of trading volume, price, general fundamental analysis, beta concerns, group rotation and detailed analysis of risk as it relates to entry and exit points in highly liquid stocks. The official car of the AXXel Internet Letter is the Bentley. the official socks of AXXel whilst doing this report are Nike.the official chocolate bar is Hershey and the Official trash bags for all the damn paper this report produces is GLAD Bags. The Official soft drink is Pepsi One; the Official Official is Ms. Bubbles LaRue.