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              As of 03/05/07
Sector Ratings
                     
Sector Our Short-Term Rating Short -Term Outlook Intermediate -Term Outlook Short-term Strength Intermediate-term  Strength
Consumer Discretionary(XLY) Strong Sell Bearish Bearish Down Down
Consumer Staples (XLP)  Sell Bearish Bearish Up Up
Energy (XLE)  Sell Bearish Bearish Up Up
Financial (XLF)  Sell Bearish Bearish Down Down
Health Care (XLV) Hold Bearish Bearish Up Up
Industrial (XLI) Hold Bearish Bullish Down Up
Materials (XLB)  Sell Bearish Bullish Up Up
Technology (XLK)  Sell Bearish Bearish Up Down
Utilities (XLU)  Sell Bearish Bullish Up Up
Telecommunications (IYZ) Hold Bearish Bullish Up Up
Networking (IGN)  Sell Bearish Bullish Up Up
Software (IGV)  Sell Bearish Bearish Up Down
Biotechnology (IBB)  Sell Bearish Bearish Down Down
Semiconductor (IGW)   Sell Bearish Bullish Up Up
Biotech HOLDRS (BBH) Hold Bearish Bearish Down Down
Outlook estimates are based on MACD indicators.          
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