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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: ild who wrote (135954)11/28/2001 10:21:39 AM
From: B.REVERE  Read Replies (1) of 436258
 
A little logic to explain the last two month's nonsense from the prubear analyst:

Goldman Sachs put out a note yesterday that is worth mentioning and helps to explain some of the nutty moves in many of these semi equipment and other tech shares. Goldman said that after speaking with many institutional investors last week there seemed to be some common themes running through the discussions. First, everybody seemed to agree that weren’t any fundamental reasons to own semi equipment stocks, tech valuations in general are still extreme, and that the downturn is likely to last longer than expected. But, these same managers were buying semi equipment names and such because they were obsessed with performance going into year-end and needed the beta to try and “catch-up.” And that, ladies and gentlemen, (along with a good amount of short covering) sums up what has been going on for the last two months. Managers have been chasing anything that moves simply based on the fear of being left behind, and shorts have been covering based on the fear of being blown out. Toss in some general good feelings from a successful war effort along with those dynamics, and this vertical meltup we've seen since September is the result. It has absolutely nothing to do with anything fundamental.
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