TECHNOLOGY INVESTING Can Fed Speed A Tech Rebound? Wall Street bears say Federal Reserve won't be much help as shares keep falling.(A)(TEKTOP)

Byline: Jed Graham

Investor's Business Daily

There's one big exception to the old truism "don't fight the Fed," says Fred Hickey, author of the bearish "High-Tech Strategist" market newsletter.

"Whenever you have a bubble economy, the Fed is somewhat powerless," said Hickey, who is based in Nashua, N.H.

He says it's hard to refute the evidence that the economy last year was inflated by a tech-inspired bubble: too much money, too much spending, too muchspeculati

on and too much debt.

The title of his latest issue: "Time to Fight the Fed."

The Nasdaq has sunk nearly 55% from its record high, set March 10, and companies like Cisco Systems Inc. and Nortel Networks Corp. have stunned Wall Street with forecasts of a brutal first half of the year. But Hickey is among those who believe the worst is yet to come.

The bears say not even the Federal Reserve's …