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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: Donald Wennerstrom who wrote (3243)	5/23/2002 11:04:37 PM
From: Return to Sender	Read Replies (1) of 95616

I'm sorry I am gloomy Don but I am gloomy for good reason. An awful lot of technical damage has been done to the SOX and NASDAQ in general. I do not see any relief in site until we get a business led economic recovery. Oh sure the SOX will probably rise nicely tomorrow. Maybe we will get another run higher but I doubt it. Even if we do go higher it will likely be short lived in my opinion. We did not even make a run towards 600 after AMAT announced earnings. And if the SOX is not rising then the NASDAQ won't be rising for long either. The semiconductor industry is the last man standing in the technology sector. I cannot find any other technology industry with stock prices as high. Valuations are still high by any traditional measure. Despite an improved btb the SOX cannot hold up the market alone when actual sales and profits are so low. I will still be a buyer once I see more signs that we have bottomed. Then enough people will see the glass half full again. Sorry, RtS

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