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Technology Stocks : Helix Technology, a cold play on semiconductor equipment
HELX 38.08+0.3%Nov 26 4:00 PM EST
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To: John Finley who wrote (963)9/19/2001 5:12:26 PM
From: Artslaw  Read Replies (1) of 1227
 
My friend covered all but a little of the his HELX Monday--did well on it, but "could have been better." I covered my KLIC short today, and now I can't imagine shorting or going long on anything. I feel like a deer caught in the headlights. I have gotten a lot of mail suggesting we should all be pouring our excess cash into the market in support of the US economy. I say anyone who made that mistake the first day probably had no impact on the results and yet lost a lot of money--and that just makes them more conservative from now on, which may very well have a negative impact.

Now the question is, where's the bottom? My headlines this morning read: "Economists Warn Recession Likely"

In answer to your question, the traditional thought in the market, and particularly the semis, is "Buy when blood is running in the streets". Well, by all accounts, it is looking pretty bad! And yet I just saw a similar article to yours decrying how the P/Es are still much higher than they traditionally are. Great! More pain to go, as you would expect the P/Es to swing below average before going higher again, right?

I have a majority of my non-cash assets in one stock that has been performing very well over the last couple months (USV), but took it on the chin today. For a while the high-yield stocks were being bought defensively (same reason I owned it), but even they were getting abandoned today.

Good luck to all,

Steve
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