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Whisper Stocks Ted Melcher, Editor info@marketdigestonline.com 850-502-2025 MarketDigestOnline.com Market Digest Online, Inc.

SPECIAL NOTE: The Whisper Stock commentary below is from October 1, 1999.....

MICROSTRATEGY INC: (MSTR) $56 1/16 Up $6 5/8 and traded on the Nasdaq Stock Exchange..... This stock hit our radar screen yesterday as the result of making a strong technical breakout and setting a new 52 week high. Let's buy the January 50 call options. Here's the story..... Microstrategy sells business intelligence software - programs that analyze in-house databases, helping large corporations make sense of heaps of complex data. Clients include K-Mart and Nike. Worldwide sales of business intelligence software climbed almost 40% to $2.4 billion last year. It's a huge market which could ultimately carry this company;s revenue past the $1 billion mark and if the company continues its current rapid growth rate, the $1 billion number would be here in just four years. Microstrategy's revenue has climbed at a staggering 111% average clip, from $4.1 million in 1993 to $106.4 million last year. The company believes it will eventually be a $10 billion company, and if that's the case, this stock has a long way to go on the upside. Last February, Microstrategy added an e-commerce unit to its business intelligence operations, and the unit quickly inked some of the largest deals in the company's history. The new unit combines Microstrategy's data analysis skills with communications technology. For example, it provides Blockbuster Inc. with tools to delve into its customer database of 60 million names. The programs pinpoint individual spending habits, preferences and trends. Then they send voice or text messages to customers via phone, 3-mail, fax or pager to announce promotions, concerts or new products.

Ameritrade Holding Corp. is using Microstrategy's e-commerce tools to give subscribers 24-hour wireless trading services and stock updates. GE Capital Fleet Services is placing pagers in its rental cars; the program signals drivers when auto service is due. In June, Microstrategy took another step by offering similar services to consumers through its Strategy.com Web site. The business and consumer markets require similar technology, both need looks that can muscle through multiple data-rich questions. The company also syndicates its services to other Web providers. Sites using its services include USAToday.com, WashingtonPost.com, Earthlink and Nasdaq.com. The Nasdaq site handles 3 million portfolios. But Nasdaq doesn't have the ability to send a wireless message or call you on the phone when your portfolio shifts. Microstrategy provides just that kind of intelligent communication. Microstrategy's new business units are chalking up big numbers. E-business accounts for 30% of revenue, up from nothing just six months ago!! In the second quarter, total revenue jumped 92% to $45.6 million. Earnings climbed 167% to 8 cents a share. Analysts expect earnings to rise 100% to 32 cents this year and 53% to 49 cents in 2000

The most recent contract came this week when the company announced that First Call Corp. will use MicroStrategy's platform to enhance FIRST CALL Insight, a feedback and competitive intelligence tool for more than 600 brokerage firms that contribute investment research to First Call. First Call is the leading distributor of investment research to the global financial community. In addition to knowing which institutional money management firms are reading their reports, the new MicroStrategy-based application will enable brokerage firms to generate more customized and detailed reports at both the firm and analyst levels, based on their coverage of specific companies, industries, and/or regions. The resulting insight will enable brokerage firms to better tailor their research for their customers, which in turn will reduce the amount of nonessential research institutional money managers receive. The enhanced version of FIRST CALL Insight is expected to be available in the summer of<

Options, Futures, OEX Dave Norton nortdav1@cox-internet.com (870) 425-7720 Futures Fast Track

SPECIAL NOTE: The commentary below is from October 1, 1999....

RAINMAKER CORPORATION MARKET NEWSLETTER - (800) 746-7938: "Priming the Pump" Put/Call ratio 116/56; 107 Oex. Market appears to have put in a significant low as of yesterday. A close over 1308.50 brings on the cavalry.

Expansions: Dji 10,388 10,410 10,504; Spz 1,310 1,323 1,332; Oex 688, 700, 710

OEXJT (Oct 700 calls) "Ready to Rumble"

FUTURES FAST TRACK - (414) 351-1992 INDEX: SPZ closed higher as expected and now we come to the acid test on Friday. Three up daily timing argues for a lower close, so a higher open will set the stage for failure. Consider a day trade on the short side of SPZ.

WARNING: These observations and comments are a distillate of a mostly daily review of the internal condition of selected markets, and do not constitute a solicitation for business. We make these findings available to corporate as well as individual clients. This material is intended solely for the use (and entertainment at times) of the aforementioned, who are presumed to be fully aware of the risks of trading derivative products. However, if the reader is uncertain about the extent of these risks, then perhaps the following additional information and disclosure is appropriate: 1)Trading derivatives may result in the loss of home, reputation and all worldly possessions; 2) Marital stress can develop during and after trading; 3) This activity may result in the development of deep psychological and emotional problems, which could lead to long stays in hospitals and mental institutions; 4) Under the pressure caused by trading, the emotional and financial stress could cause a person to contemplate personal destructive behavior.

The Buy, Sell, or Hold Co Stephen K. Vosko cv@vosko.com www.buysellorhold.com The Buy, Sell or Hold Co.

SPECIAL NOTE: The commentary below is from October 5, 1999....

The market appears to want to believe that the Federal Reserve Bank governors will do the right thing for the economy tomorrow. The market had a broad based rally led by tech issues. Oils were the markets largest drag. The buying continued into the futures slightly later close. The S&P 500 futures closed at a premium of 14.30 points over the cash S&P 500 close. Fair value is about 11.60. If that premium can be maintained into the open it would be a positive. Micron Technologies (MU) was a leader all day, rising $4 7/8 during the normal session leading into the company's earnings release after the close. Micron did not disappoint. They lost $0.07 a share for the quarter but estimates were for an $0.18 loss; the result cut the loss by more than half. On Instinet, the stock was trading higher. If this enheartening chip sector news can spread to market leaders such as Intel (INTC), the morning session could have some leadership. Ford (F) also had an interesting press release after the close. They announced virtually flat overall September sales and small declines in domestic cars and trucks. On the surface, this could indicate a slowing in the economy. That could be a dangerous misread. Ford met analysts expectations and has given bullish guidance on the quarter.

The reason that Ford has not been able to show unit growth is that it is virtually at production capacity for its most successful and profitable models. They sell every Expedition, their hot large SUV, that they can make. That starts to smack of supply constraints potentially fueling inflation. Luckily, there is still plenty of competition in the car and truck market to help keep prices in check. Possibly the most difficult result for the markets would be no rate change but a bias towards tightening. Then the markets would fret every major economic number such as the employment levels on Friday to see if the Fed might move. The distress will continue right into the mid-November FOMC meeting. Either a rate move or a clearer indication such as no change; neutral with comments that that economy appears to be slowing sufficiently to allow them a stable outlook. Once the markets get past October, it usually rallies into what is normally a strong 4th quarter. Confidence that the markets will not be upset by a rate increase should work as support for that rally.

The Usual Big Disclaimer..... This report is for informational purposes only. Investment decisions should not be made based on this newsletter alone. This report is not an offer to sell or a solicitation of an offer to buy any security. The information contained in this report has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. This newsletter and/or its associated individuals may, from time to time, own or have positions in the securities discussed herein and are not acting as registered investment advisors.

From the House Various Wall Street Professionals MarketDigestOnline.com Market Digest Online, Inc.

MARKET OPINION: The opinions run on and on. This stock is bound to tank. Its price-earnings ratio is too high. That stock is going to skyrocket. It's an obvious takeover target. The whole market is going to move this way or that way because oil prices are doing this or the Fed will do that, or the dollar is doing something else. You can find no end to forecasts based on ideas of how shares should react to events. Instead of trying to deduce stock/price movements, why not just look at stock prices directly? That's the heart of technical analysis, the study of a stock's price and volume history to for an opinion of its future direction. Charts - which provide a visual display of price and trading volume - are the key tools of the technical investor. Who really knows how a stock or a market will react to a given piece of news? How often have you seen stocks sell off in the face of great earnings reports: How often did you see the great bull market of 1990-98 blow past bad news or qualms about "overvaluations"? Stocks confound the fortune telling of market seers and fancy computer models all the time. Most people can accept that. But some investors have a harder time with the notion that a stock's trading history can offer clues about its future.

But take a look at the best performing stocks year after year, and similar traits emerge. The big winners typically have great fundamentals. Their earnings, sales and profit margins are all top-notch. Their charts also look similar. The best stocks begin their massive runs after moving sideways for weeks and months in specific price-and-volume patterns called bases. Charts work for three reasons, says John Murphy, a veteran technician, author and commentator. Prices move in trends. History repeats itself. And markets discount everything. Take the first idea. A long move in one direction tends to self-perpetuate. The upshot for the growth investor: Buy stocks that are in long term uptrends. Raise your exposure to equities when the market is on the rise. That's what traders mean whey they say, "Make the trend your friend." The flip side forms your defense. Avoid stocks in downtrends. Sell stocks that break down from prior uptrends. Shyn equities when the broad market is in decline. As the saying goes: "Don't fight the tape." The second notion, that history repeats itself, is rooted in crowd psychology. Ever since the first humans came together to trade, they have gone through phases of greed and fear. Once traders began graphing price and volume histories, they discovered certain patterns recurred. These structures reflected timeless transitions between optimism, which can propel asset prices higher, and pessimism, which can send them lower.

The final idea - that markets discount everything - is easily;y subject to misinterpretation. The sentence doesn't mean that markets are infallible. Stock prices can and do overshoot and undershoot the trend line of their eventual direction. Still, the financial markets tend to be highly efficient. Millions of people are constantly sifting the tides of data that sweep the market every minute. Why assume such a market is stupid? But that's what many investors do when they buy stocks based on simplistic decisions, such as cheap price-to-earnings ratios. The technical analyst would look at a cheap stock and suspect it's cheap because the market has formed a well based judgment that the stock should be cheap!

Wirehouse Opinions Major Brokerage Houses www.MarketDigestOnline.com Daily Wirehouse Recommendations

ECHOSTAR COMMUNICATIONS: (DISH) $90 13/16.... Initiate coverage with hold, subscribers should surpass $3 million mark by year-end. - S&P Market Scope

ZALE: (ZLC) $38 5/16.... Strong Buy. We continue to believe that XLC should be viewed and valued not as a jewelry retailer, but as a specialty retailer that sells jewelry. This should result in further multiple expansion as the company builds upon its consistent results. - Credit Suisse/First Boston

ELAN CORP: (ELN) $33 9/16.... Initiate coverage with 1-1, ST target $43, LT target $52. - Gruntal & Co.

FIRSTENERGY CORP: (FE) $25 5/16.... Hold based on our newly initiated 2000 EPS estimate of $2.60. - Jeffries & Co.

UNITED RENTALS: (URI) $21 3/4.... Initiate with strong buy, target $40, we have included no acquisition in our 00 estimate. - Deutsche Banc Alex Brown

AMERCO: (UHAL) $28 9/16.... Buy. We would buy below $28, and our one year price target is $38 a share. This assumes no value for the franchise name U-Haul. This really is a "Graham and Dodd" story. - L.H. Friend Weinress Frankson & Presson

GATX CORP: (GMT) $31 1/16.... Initiate coverage with a buy, target $46. - First Boston

ENERGY EAST: (NEG) $23 3/4.... Initiate coverage with hold, target $29, base on our newly initiated 2000 EPS estimate of $2.15. - Jeffries & Co,

NATIONSRENT INC: (NRI) $7 3/4.... Strong buy, target $9. - Deutsche Banc Alex Brown

HUGHES ELECTRONICS: (GMH) $57 1/4.... Buy. We believe that Hughes will have a breakout year in 2000, and we rate the stock a Buy with a yearend 2000 price target of $71 per share, based on our sum-of-the-parts analysis. - JP Morgan

PUBLIC SERVICE ENTERPRISES: (PEG) $38 5/8.... Initiate coverage with underperform based newly initiated 2000 EPS estimate of $3.25. - Jeffries & Co.

ADOBE SYSTEMS: (ADBE) $113 1/2.... Upgrade from hold to accumulate, target $127, delineates a double 00 growth plan. - DLJ

AMER XTAL TECHNOLOGY: (AXTI) $21 3/8.... Upgrade from outperform high to buy high, stock down 45% from peak in July, target $29. - Salomon Smith Barney

BOSTON PROPERTIES: (BXP) $30 11/16.... Buy. We reiterate our Buy rating as well as our $38-$39 12 month price target. The company continues to have the best positioned office portfolio in the REIT sector. - Paine Webber

INFINITY BROADCASTING: (INF) $29 5/16.... Upgrade from buy to top pick, stock has under performed radio group year to date for no apparent reason shares are undervalued, target $38. - DLJ

OCEAN ENERGY INC: (OEI) $10 3/16.... Upgrade to buy from attractive oil discovery in Gulf of Mexico, target $14. - Paine Webber

Bidding on Bay St. Laurel de Ytturralde bidbayst@nbnet.nb.ca www.biddingonbaystreet.com Bidding on Bay Street

SPECIAL NOTE: The commentary below by Bidding on Bay Street is from October 1, 1999.....

ALTERNATIVE FUEL / ADMIRAL INC.

Note: A quick respite between travels - I will continue to be unavailable until the second week of October. In Calgary early tomorrow and will be meeting with principals of Pinnacle Oil (PSFD,Nasdaq BB:US$14) and Globel Direct (GBD,ASE:$1.46) next week, as well as new feature prospects, brokers and investment boutiques.

The general market continues to be highly volatile and unresponsive to good news from the small-cap sector. There is not much one can do but wait for better days and keep abreast of developments in the companies one holds or follows.

I see Canada's print media is completely speechless over BIDS' announcement it will be enabling SnapTV.com Dutch Auctions. Interesting reading for BID.COM followers ("Convergence is the interactive TV gold rush." ) from:

http://news.excite.com/news/zd/990928/16/tv-execs-plot

entitled "TV execs plot convergence strategies"

Selected text: " The TV industry is not standing still, however. They're also looking to the Internet for new sources of revenue.

"It's not about ads or sponsorships - that's one part of the revenue stream - it's more about driving e-commerce," said Benjamin Feinman, group product manager at Snap.com, a subsidiary of NBC.

The potential for TV networks to not just advertise a product, but to let viewers purchase it on impulse, has companies practically salivating.

"People are going to be attracted to the content, but along the way we want to get them to buy something," said Feinman. Still, it won't get any easier for the TV industry. With such rich e-commerce potential, the market will become more crowded, said Jean-Marc Racine, CEO of set-top software maker Canal+ U.S. Technologies. "Convergence is the interactive TV gold rush." "

ALTERNATIVE FUEL SYSTEMS (ATF, VSE:$1.15) Featured January '98 @ $0.70 ATF released very positive news on Monday regarding completion of 6 of the 13 ISUZU/GM waste collection vehicles scheduled for conversion with AFS Dual Fuel Eagle systems. This OEM deal and the warranty coverage by one of the 'Big Three' auto manufacturers is significant news but once again has been ignored by the Ballard-blinded press. A similar commercial success cannot be claimed by either Ballard or Westport, which continue to benefit from the visibility afforded by the Canadian press.

VISIBILITY: ATF's relative anonymity (in Canada) may be closer to an end as a result of its participation at the Union of British Columbia Municipalities Convention in Vancouver this week and an invitation accepted by new CEO John Anderson to present ATF at the COPIC SmallCap Conference in Toronto next week (October 6). ATF will be one of 5 or 6 companies presenting at this 'first of its kind' (in Toronto) conference to approximately 100 professional investment dealer research analysts and coordinators, institutional investor portfolio managers and "high net worth private investors." David Bissett, founder and chairman of Bissett & Associates Investment Management Ltd. and "one of Canada's most experienced and successful small cap investors" is one of the high profile keynote luncheon speakers.

The Toronto investment industry, already very familiar with Ballard Power and Westport Innovations, is going to be surprised to learn of ATF exists. With any luck, the convention may attract some media coverage. The public is mostly unaware that ATF's high quality, viable alternative NG systems exist and are ready for global commercial production to combat destructive vehicular emissions. There was an unveiling of the first 5 converted vehicles in Unley, Australia, September 5th and ATF has received impressive pictures and a video of the ceremony which are available to be seen at the BC Gas Exhibit where ATF has an ISUZU 6HHI truck on display (and may be used for present

VTAR Axxel Knutson1 tradingweapon@aol.com 800.696.9002 www.tradingweapon.com VTAR © [Volume Trade Analysis Research] ©

SPECIAL NOTE: Due to the length of Axxel's Internet recommendations, we are posting his commentary on all the stocks in the Internet universe in a different manner so that it will be displayed as fast as possible. Please click here to view Axxel Knutson's (Volume Trade Analysis Research) Internet recommendations which were posted on Monday, October 11, 1999.