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AUGUST 31 - THE WALLSTREET REPORT
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The Wallstreet Report is published twice per week.  It is our
goal to provide you with Technical Analysis,  Daily Market
Updates, Cool Freebies and to pass along some Excellent Stock
Profiles.


Hello Serious Investors,

The downward spiral continued on Thursday burying the Dow Jones
below the key 10K level and forcing many other major market
averages to post new relative lows. News from overseas was
mostly responsible for today’s plunge in addition to the dull
earnings outlook that investors heard from Sun Microsystems
(SUNW) yesterday 

Earlier on Thursday, the European Central Bank cut interest
rates by 25 basis points to 4.25%, delivering its second easing
this year in response to increasingly weakening growth and
slowing inflation. The cut was not unexpected as the ECB has
been under heavy pressure to ease for quite a while. However,
some had hoped that the ECB would be more aggressive in today’s
decision and would cut by a half a point. The U.S. federal
funds rate stands at 3.5%, and Europe is clearly behind the
curve by majority opinion. 

But what really distressed the equity markets today was the
ECB’s apparent bias against further easing. The European Bank
has been much more stubborn than the Fed or even the Bank of
England in bringing down rates despite the fast deterioration
of the European economy. Today’s move was only the third rate
cut by the stingy ECB since it took control over rates in the
single currency zone in January 1999. 

And more gloomy news from Europe followed. The number one
software giant got hurt on the day as investors realized
Microsoft is now having ‘problems with the law’ over in Europe.
European Union regulators have opened additional proceedings
against the company today. European Union thinks that Microsoft
could be in violation of antitrust laws by tying its Media
Player product into its Windows operating system in attempt to
extend its dominance from personal computers into other
markets. Despite many brokerage firms trying to defend
Microsoft, the stock was sold off sharply losing 5.5% on the
day. 


+>+>+>  GOOD NEWS... Notice that the Volatility index (VIX.X)
is now over 28 and made another advance of 9% in today’s
session.  Market bottoms are often made when this index spikes
over 40 for a number of days, so this index is moving in the
right direction at this time. 



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HAVE A GREAT  WEEK!

Steven Schwartz - Editor & Staff