Span-ish fly

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   Investors added another worry to their long list of concerns after a
   tumultuous 2000 for the market, now fearing that major U.S. banks
   could be hit with losses from their lending to struggling California
   utilities.

   ``It's hard to make the case that an interest-rate cut is the solution
   to all problems,'' said Bill Meehan, chief market analyst at Cantor
   Fitzgerald & Co.

  ``After the digestion of the news and the euphoria, what we are
   interpreting the rate cuts to mean is that there is more weakness and
   a greater slowdown in the economy than thought,'' said George
   Rodriguez, senior vice president at Guzman & Co.

   ``The Bank of America scare was an excuse, but I think the amount of
   earnings disappointments has really spooked the market,'' said Guy
   Truicko, portfolio manager at Unity Management.

   The market is worried that ``the Fed missed it, that they didn't do
   enough and now they're trying to scramble to catch up,'' he added.



Tom Walker
Sandwichman and Deconsultant
Bowen Island
(604) 947-2213