Look Out Below!

To repeat, now is a time to be extremely cautious with your money. Business conditions continue to deteriorate: The economy is slowing, interest rates remain high, and earnings expectations continue to disappoint. Price and volume measures remain woeful, with almost all of the market leaders having broken down below their various moving averages.

Vice President Al Gore continues his dangerous game of political chicken with Texas Gov. George W. Bush. And finally, many tech stocks remain well-priced considering all the uncertainty.

Cisco Systems(CSCO Quote) continues to trade at about 60 times forward earnings, and Nortel Networks(NT Quote) trades at a forward P/E of about 50. ...