I actually think that MSFT will see under 40 ($20 post split) within nine months. If I were to compose a "Dow hit list" as I did last year, I would have MSFT's low just under $19 (post split). As for a Nassacre, Nassacre 03 =Grand Nassacre (g), it is just shorter... By the way, percentage wise, I don't th.oink it will be as bad as 2002 (2096 to 1108 a 43% decline), since this year I have 1521 to around 950 (about a 38% decline). Of course, I have been known to be too optimistic, at the beginning of 2002 I had the bottom (in October) at 1450 and only the failure of making an April significant advance forced me to reduce then all the Naz targets by 300 Naz points, even tht reduction, though, was too optimistic, since we eventually bottomed (in October) at 1108.50, a solid 40 Naz points below the "new improved" April forecasts... (g). If history repeats itself, expect 950 to be readjusted down... (vbg).
Zeev
