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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.31

0.0%

Nov 12 4:00 PM EST

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To: bobby beara who wrote (80329)	7/17/2001 9:00:31 AM
From: t2	Read Replies (1) of 99985

bb, Do you see a reversal from the morning lows today? It seems the bearishness has increased more than what we saw before yesterday. Could this be the last leg down on the semiconductor equipment stocks...setting up for a bounce as the shorts cover at the lows of the past 3 months. More negatives on Intel this morning--downgrade from HOLD to REDUCE by ABN Ambro. IBM estimates cut at Merrill. That is a lot of negative comments on these companies ahead of actual earnings. That may be taking the negative suprises out of the earnings that are expected. That is why I suggest we could see lots of short covering today; the market reversing and closing higher. Remember we will start seeing software earnings soon, including SEBL, VRTS, MSFT. So far the week has been ruled by semiconductor equipment stocks. EDIT: This is what I mean by the negatives. 7:28AM Intel (INTC) 29.13: -- Update -- ABN AMRO downgrades to REDUCE from Hold as firm sees downside risk in the stock to below $20; expects INTC to either miss Q2 consensus when it reports this afternoon, or borrow heavily from Q3 to make the number, which would set-up Q3 to be very disappointing. Firm thinks consensus will have to come down; lowering its 2001 est. to $0.42 from $0.56 (mean $0.53) and 2002 to $0.60 from $1.00 (mean $0.76). from Briefing.com

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