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Non-Tech : QQQ - Nasdaq 100 Trust
QQQ 632.08+0.5%Nov 3 4:00 PM EST
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To: Savant who wrote (720)1/17/2002 5:10:27 AM
From: Michael Sphar  Read Replies (2) of 840
 
I disagree. I think this is a Wallstreet orchestrated attack on the early ripening fruit of the Naz. I listened pretty carefully on the Intel call and I came away with quite a bit more bullish expectation. Sure they hacked a half Bill out of the equipment manufacturers future but those guys are always the last to be punished. And recall that half of 2001 cap equip budget at Intel was devoted to land and buildings, only 50% filtered through to the semi equip guys, the same percentage mix for this year. Intel needed to do some pruning this year, and was punished somewhat last year when they insisted they would not cut cap spending as the recession started to develop in the early part of the year. Now for the opposite reason, Wallstreet attacks again. And not very effectively when you look at the stocks individually.

Don't get me wrong, I am happy to see this bit of trimming, as it will help finish building what I envision as a large inverted head and shoulders bottom. The sooner that gets built, the sooner things can take off once again in earnest. How low will QQQ go in this ? My guess still remains about $36 or not much lower and not for very long either.

Just as nobody ever seems to see the downturns coming, nobody seems to see the upturns start except in hindsight. Lets give earnings season the chance to show how awful things really were and what lack of vision they all express about the future before we decide its hibernation time. Just maybe we will get a few real surprises along the way.
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