January 7, 2002 - Up in the air ,
 In today's edition of the Daily Update, Charles Payne, principal analyst
and founder of Wall Street Strategies, explains the so-called January
effect and William Valentine, principal of Valentine Ventures, reviews
his home runs and strike-outs from 2001.

Speaking of the January effect, among the broker reports available for
download, we feature one from Brown Brothers Harriman that also
touches on this phenomenon.

We also remind our members that they have exclusive access to Morgan
Stanley research through the firm's free research trial; today, we suggest
you look at their report on Qualcomm (QCOM), which they rate "strong
buy-volatile."

You can link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http://www.multexinvestor.com/article.asp?docid=5685&nd=0107

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Below
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- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports


Investment ideas
-----------------------------------------

1. INVESTMENTOR
Prophetic to pathetic: a year in review
Flagellation and self-congratulation with the benefit of hindsight

By William Valentine, CFA

I'm a corny, traditional kind of guy, especially around the holidays.
Whether it's felling the family Christmas tree in the nearby forest,
enjoying thrice-daily eggnog lattes, or experimenting with a new
pheasant recipe each year, you could almanac my predictability.

This is also the time of year that I lay out my goals, personally and
professionally, for the coming year--which you can't do until you
examine the successes and failures of the prior year. And as long team
readers know, that manifests itself in the form of my third annual
"Prophetic to Pathetic" Review of all columns written, and advice given,
over the last year.

Forty-two columns are a lot to review. But I didn't have to look too far to
find blunders, miscues, and downright pathetic commentary. Going back
to my "2001 Outlook" from last January, in hindsight I was too
optimistic about the economy and market. For the first half of the year, I
believed that we'd actually skirt an official recession. While we'll never
know whether or not we would have avoided one without the impact of
Sept. 11th, we clearly did enter into a recession, and that kept the stock
market's growth retarded.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=5669&nd=0107


2. INVESTMENT IDEAS
Five fateful days
Five January days that could determine the course of the year, and four
picks from the guru

By Charles Payne, principal analyst, Wall Street Strategies

After a two-year route that saw the market experience it's worse
performance since 1973-74, investors are going to begin the year hoping
for the best but not forcing the issue. Reluctance to buy this market could
result in a lackluster first week.

The old saying is that as January goes, so goes the rest of the year (in fact
traditionalists say the first five days of the year will determine the
outcome for the rest of the year). I'm not so sure that will be applicable
to the market this year.

Instead, it could be the last 5 days of the month that sets the tone for the
rest of the year. On the 29th, the Fed gathers for the first FOMC meeting
of the year. After 11 rate cuts last year, it will be interesting to see
whether Greenspan and company decide to take the scalpel to rates
again. We think the market has a better chance of making a serious rally
if the Fed chooses to stand pat.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=5653&nd=0107

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Broker and third-party reports
-----------------------------------------

1. INVESTORS' CHOICE: 3-DAY FAVORITE
The 451 discusses Cisco's (CSCO) new focus on the mobile wireless
market.

This report examines IP infrastructure spending, the next-gen
Internet and network architecture layers, Cisco's strategic
alliances and mobile business customer targets, and advanced e-
services and content applications. (2-page report for purchase -
$5)
http://www.multexinvestor.com/download.asp?docid=5676705&nd=0107


2. TODAY'S SPECIAL REPORT
Lehman Brothers discusses positive demand data for satellite radio
service.

In the report, retailer surveys and channel checks, summary
findings, discussion of major players including Sirius (SIRI) and XM
Sat. Radio (XMSR), plus liquidity and leverage analysis, and 41
illustrative tables or figures. (62-page report for purchase - $150)
http://www.multexinvestor.com/download.asp?docid=25909547&nd=0107


3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Brown Brothers Harriman discusses numerous factors that affect
January stock performance.

BBH identifies several reasons to expect a strong January in the
market. The forecasting effect, small-cap effect, and tax-selling rebound
effect are explained. The analysts also touch on positive economic
developments. (7-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=25836499&nd=0107


4. THIRD-PARTY REVIEW
Morningstar explains why it sees profitable McAfee.com (MCAF) as a
stock to keep an eye on.

M'Star provides an investment overview of this consumer ASP and
anti-virus product provider. Also, analysis of MCAF's growth,
profitability, financial health, and valuation characteristics, plus bullish
and bearish arguments. (3-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25682515&nd=0107


5. WHAT'S HOT?
Buckingham Research identifies its top retail and apparel picks for
2002.

Buckingham provides an industry overview and explains the
fundamental characteristics of the types of companies investors should
be focusing on. The firm names 16 stocks from the retail and accessory
space it would buy. (2-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25883693&nd=0107

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strategies: http://www.multexinvestor.com/Analysts/HomeTTA.asp

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Online advice and chats
-----------------------------------------

1. ASK THE ANALYST
PowerPlusOptions.com's Victor Schiller discusses how to
successfully hedge stock purchases.

Using an example involving Microsoft (MSFT), Schiller explains
how selling out-of-the-money covered call options helps mitigate the risk
involved with being long stocks. You can ask him your questions
regarding options until Mon. Jan. 7. Ask the analyst.
http://www.multexinvestor.com/AskTheAnalystForm.asp?&nd=0107

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2. ASK THE EXPERT
Insurance.com's Ronald E. Newton discusses life insurance coverage
issues brought up by divorce.

Newton explains the importance of reviewing insurance coverage in the
midst of divorce to protect loved ones should catastrophic events occur.
Do you have all the coverage you need? He can take your questions until
Thurs., Jan. 10. Ask the expert.
http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0107


Free and sponsored reports
-----------------------------------------

1. FREE RESEARCH REPORT
Robert Baird & Co. discusses the energy and utility markets.

Baird analysts provide sector commentary, including fallout from the
Enron (ENE) situation, recent sector news, a weather analysis, and stock
rating guide. This 38-page report, which usually sells for $75, is free to
members for the next 72 hours.
http://www.multexinvestor.com/download.asp?docid=25904662&nd=0107


2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $90 price target for "strong buy-volatile"-rated
Qualcomm (QCOM).

The firm recommends the QCOM to investors with a long-term
investment horizon and a high tolerance for risk. Read why the firm is so
high on the stock, and what caveats it issues, by registering for the firm's
free research trial.
http://www.multexinvestor.com/download.asp?docid=4708130&sid=8&nd=0107


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Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,
click here:
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chris.dorland@enron.com