MONTHLY TECHNOLOGY COMMENT

Nutmeg Securities, Ltd. EQUITY RESEARCH Nutmeg Securities, Ltd., 1960 Bronson Road, Bldg. 2, Fairfield CT 06824 (203) 255-3838 (800) 288-5513 Fax: (203) 255-3069 MONTHLY TECHNOLOGY COMMENT Vol. IV, Issue #5 May 3, 2004 Peter Labé, CFA SUFFERING, BUT STICKING WITH THE BULL In this issue: • EMC Re-visited • Sun still hard to predict SLUGGISH MARKET AGAIN IN APRIL The market is struggling to surmount a series of worries on the one hand, while looking at good earnings reports and guidance on the other. By way of background, we note that 300,000 jobs were created last month, which is one market hot button, and, needless to say, one could not ask for more accommodative fiscal and monetary policy than what we have. First quarter reports have met our expectations. So, our best view then, is that the market is having interest rate jitters primarily, and maybe presidential election concerns secondarily. Disclosure I, Peter Labé, certify that (1) the views expressed in this report reflect my personal views on all of the subject companies and securities, and (2) my opinions are not affected by my compensation which is derived solely from brokerage trade commission(s) which may or may not be of securities discussed in this report. Monthly Technology Comment Nutmeg Securities, Ltd. May 3, 2004 INTEREST RATES Fed chairman Greenspan’s latest pronouncements – fed-watching unfortunately is an integral ...