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Politics : Ask Michael Burke

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To: Earlie who wrote (77515)	3/10/2000 2:59:00 PM
From: Zeev Hed	Read Replies (1) of 132070

Earlie, a short while back I stated that it was an easier case to make a bear argument on RMBS at 220 than it was at $80 or s, but also stated I was still bullish. My stance on RMBS has turned to neutral based on excessive valuation (at $430). It is not yet ludicrously excessive, but no longer to my taste. It will still run up from here based on momentum, but it is now quite risky for the bulls, IMHO. The same applies, finally to MU which I think is a topping stock between $110 to $120 (the scenario). If these two bearers of the SOX flag start to falter, how long before they stop giving AMAT a market cap of more than twice the total annual sale of the semi cap segment? I think the SOX has blown out of any proportion, and the market is being set up for an early cycle peak, IMHO. Zeev

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