Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 312.76

+1.1%

Dec 8 4:00 PM EST

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To: robert b furman who wrote (10162)	6/17/2003 3:13:12 PM
From: Return to Sender	of 95536

Bob, nice to hear from you again. I hope you have been making a fortune these last few months. You were very right about the rally. I also have to agree that short covering is certainly part of the fuel that keeps a rally going like this one. Take today for instance when the put to call ratio was so low this morning the rally faltered. Too much bullishness? One would think so but this afternoon it looks like anyone short could get squeezed again. Volume has been falling lately but the market still wants to rise. I don't think that we will see a trend reversal until we begin to see higher volume on the down days as opposed to up days. In addition the selling has to break through a lot of support levels so that means a number of days in a row where the market continues to sell off. It just has not happened. The market has so many of the characteristics of a bull market right now that despite the overwhelming bullishness I could not possibly say anything more than something has to give. I do think the market is overvalued but that could be corrected in a couple of ways. First earnings could rise rapidly enough to offset these issues. Of course the market could also drop. Lately I think there is a lot of institutional buying taking place that is window dressing. If the market maintains its upward bias after June 30 then we can throw that issue out and just assume new bull market status... Keep buying the dip whenever get them. RtS

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