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Question for Doug Henwood II

I don't believe Doug answered my earlier question about second quarter
earnings reports. I am still wondering what is happening here and I am
starting to see some hints, e.g. from reports on Intel, that some of the
earnings reported may have to do with financial transactions and not
revenues from sales.

Could it be that the upbeat earnings reports are, to some degree at least,
simply the mirror image of the NASDAQ nosedive in April? Or, to put it
more menacingly, a feedback loop? And if the earnings being reported in
July are the upside of the April downside, what might such oscilation
portend for October?



Temps Walker
Sandwichman and Deconsultant
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