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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: donald sew who wrote (25199)	9/8/1999 12:59:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Don, there seems to be some profit taking in the semis...possibly due to Japan's upcoming Q2 GDP data, which will likely come in on the weak side. Japans recovery is not a matter of leaps and bounds, but rather fits and starts. there's also an outside chance that investors are simply having second thoughts about the semi industry - after all the run-up in stocks like MU, TXN, KLAC, etc. has already surpassed the typical average cyclical increase in these stocks during the up cycle. it may be that Hickey hit the nail on the head when he said that demand for tech hardware may simply be related to Y2K stockpiling, which would indicate that the 4th and 1st quarters could be extremely weak. since the market is a discounting mechanism, it should reflect this soon if Hickey's views are correct. regards, hb

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