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Technology Stocks : Mattson Technology
MTSN 3.6000.0%May 12 5:00 PM EST
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To: John Stewart who wrote (1917)9/30/1999 7:31:00 AM
From: Philip W. Dunton, Jr  Read Replies (2) of 3661
 
John S. I stated that we were in either a nasty intermediate correction or the first leg of a bear, with the odds favoring the former. As Ian points out though, on an A/D basis, the market topped out in April 1998 and has been eroding ever since. So far, the strength of the major averages and certain specific sectors like technology has been masking the overall weakness. However, if we are in a full fledged bear market, sooner or later the major averages and the stronger groups will get in step with the decline. That's when things get nasty. Are we there now? I think that depends on the Fed and whether they are going to continue to tighten. With next year being an election year, I suspect not. Maybe the real pain will come after Nov. 2000. Just remember, the market will do what ever it has to do to fool most of the people most of the time. Phil
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