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Technology Stocks : Semi Equipment Analysis
SOXX 303.84+1.3%Dec 22 4:00 PM EST

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To: Sam Citron who wrote (12628)11/24/2003 7:31:58 PM
From: Donald Wennerstrom   of 95626
 
<<thinks valuation concerns could become pronounced if earnings momentum slows.>>

Well, that's a "given" and has been for a long time, but the "market" doesn't believe that at this point. To me, that statement reaches a new low for analyst "hedgingspeak". Valuations have been "sky high" for many months, just waiting for earnings to "catch up" with valuations.

The "market" didn't pay much attention today - and I don't blame it - nothing new was added to information that is already known by practically everyone.

The SOX was up 18 points, closing at its high today for a 3.6 percent increase. It just didn't pay any attention to Smith Barney - it was like "blowing in the wind".

Don
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