To quote Johnny Thunders "All Dressed Up.... I got nowhere to go".  If
anyone wanted the definition of "Window Dressing" just pull out the charts
on Friday's trading.  Money managers don't want to look bad at the end of
the Quarter so -  bid the stock up at the close to inflate your portfolio.
In the last 30 minutes the Nasdaq gained 60 of its 88 points; the Dow
Industrials gained over 100 points to close up almost 50 and ditto for the
S&P 500 which gained 14 points to close up 12.... As the million share "buy
at close" orders flowed, volume boomed and stocks lifted. (GE, which closed
up 2 5/8, had three million shares to buy on the close).  In Tech - CSCO,
EMC, HWP, MSFT, ORCL all up over 3% joining in the dress up party - one tech
biggie not joining the fun - IBM down 4% on negative comments.  In the CEUT
Universe: FTLK* popped over 8 on positive news of a collaboration with MSFT
- it ended the day in the red but over 7.... PSDI* down over 5, MANU* up
over 3.... SSTI* up over 12 after blowing away their #s, PSEM* down 5....
JDSU* up over 3... BRCD* up over 6, NTAP* and PRCM* up over 2 1/2 and CPQ*
gained some ground from yesterday - up 1.....PROX* and RIMM* up 6.... MUSE*
up 15, VRTS* up over 7... TMPW* up over 8... SIRI+ up over 2 pre-launch,
PGTV+ up almost 5... JBL* up almost 3.. ICGX* up almost 1 1/2...In IPOland -
PRSE was up 50% - let hear it for enterprise management software! EXFO up
68% - lets hear it for fiber optics! but STOR was up 234%!!!!! - lets really
hear it for storage networking!!!!!! On the downside - NTES - Chinese net
co. fell 20% (there was a time a few weeks ago when the combination of the
words Chinese and Internet spelled IPO home run).

Deut T for FON? - US Senators don't like idea.

ORCL - Pres/COO resigns - Ellison says it has been in the works.

FCC - House cuts budget by $2 Billion and limits authority over telco
mergers.

AllAdvantage - pays people to look at ads over net - pulls IPO due to market
conditions.

Regulators - Cable TV co.s providing net service are actually Telcos.

WCOM - wants to offer wireless service abroad.

AOL - buys 20%  stake in Dig. City Urban Guides.

Sedona - CRM system unit in IBM AS/400 platform.

SCH - computer problems cause info account access problems on Friday.

Ex-Bertlesmann exec. - Jan Buettner - $250 million tech. VC fund.

MBT - Russian firm trading on NYSE - first one since thier crash.

Tickets.com - Major League Baseball tickets next season.

Survey - small manufact.s not using net.

Niman-McConnell - Freshnex - online marketplace for fresh meat for
restaurants.

WCOM/ FON - co. don't think deal is dead.

CNN - mobile content phone deal with NTT DoCoMo.

US oil trade consultant - was he bag man for big oil co.s?

BeFree - monitor net users behavior but makes info available to user.

3 Brown Mathmaticians - patent way to protect dig. music.

EFII*- named as pick in Barron's.

AAPL - big positive news coming at next months MacExpo concerning iMac?

GMH*- WSJ says problems - sub. growth slowing, News Corp might be new threat
and AOL rollout slow.

Investors Business Daily - article on LU* - fiber optics key also profile of
Techne - biotech co. test equip.

RightsLine - online lic. and mangement ASP - unlock potential of intell.
property.

Cyberbuck - replaces credit card with pre-paid online shopping cards -
Pres./Founder turns out to be an ex-felon.

Fortune City (homepage hosting/content) and Mamamedia (content for 5 to 12
year olds) - both co.s laying off workers.

WSJ - GSTRF+ - credit draw-down catches LMT off guard.

Analog Devices - buys optical wafer co. BCO Tech.

Ahold - $72 million to PeaPod.

CompCom - Pres/COO to rejoin Safeguard Scientific.

Market closes at 1PM. Tomorrow is July 4 Holiday - no trading.

The information contained herein is obtained from sources we believe to be
reliable but its accuracy and completeness, and that of the opinions based
thereon, are not guaranteed. C.E. Unterberg Towbin, or one or more of its
partners, may have a position in any of the securities discussed herein. All
rights reserved by C.E. Unterberg Towbin. May not be reproduced in whole or
in part without prior written authorization. This report is not an offer to
sell or solicitation of an offer to buy the securities mentioned herein.
*C.E. Unterberg Towbin makes a market in this security and/or has analyst
coverage.
+C.E. Unterberg Towbin makes a market in this security and has been involved
in a recent financing.
_____________________________
Bram Towbin
C.E. Unterberg Towbin
10 East 50th Street
New York NY 10022

Telephone: 212 572 8163
Fax: 212 759 4032
Btowbin@unterberg.com
www.unterberg.com



----------------------------------------------------------------
Pursuant to SEC and NASD requirements, all incoming and outgoing e-mail of 
C.E. Unterberg, Towbin is subject to review by the Compliance Department.

Please note that C.E. Unterberg, Towbin does not allow the use of e-mail to 
request, authorize or  effect the purchase or sale of any security, to send 
fund transfer instructions, or to effect any other transactions.  Any such 
request, orders or instructions that you send will not be accepted and will 
not be processed.

================================================================