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Technology Stocks : Semi Equipment Analysis

SOXX 312.76

+1.1%

4:00 PM EST

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To: Donald Wennerstrom who wrote (3796)	7/2/2002 11:24:34 AM
From: Sarmad Y. Hermiz	Read Replies (1) of 95531

>> A very interesting day today - Nah. Just another lousy market day like so many hundreds of days before it. How many days can the nasdaq drop 4% and not hit zero ? It is an amazing exercise of levitation. >> sure would like to see a reversal later on before the close. Well, yes of course. But where will the buying come from ? Actually I would like to know where the supply of shares is coming from. I am puzzled that absolutely no one in the press addresses that question. Yet it is the only relevant issue regarding the continuing drop in prices. This is like seeing all the houses in a neighborhood being sold at lower and lower prices, and no one bothers to see who the sellers are or ask them why they are selling. Is it possible that John Neff is the only person who ever sold AMAT ? Yesterday Gerard Klauer was on CNBC. Not saying much. But he switched from a long mutual fund to a shorting hedge fund. Anyway he mentioned that hedge funds have drawn approx 600 $billion in capital in the past couple of years. And are making good profits. Yet I didn't hear any questions on how much of the drop in share prices is due to shorting. Or due to international money leaving dollar assets. Among the 20 or so relatives or friends where sometimes the subject of stocks comes up, not one person has sold a single share of stock or fund. Most have stopped buying. But no one has sold. So who is selling ? I think it is people who don't have any shares. I just hope they burn to a dark dark crisp when they have to cover. Of course if the the famous capitulation does occur, it will allow the shorts to cover without any pain. I think that is where they are trying to drive the market to. And if it does happen, the recovery will not be swift. Because then the question will be: who will buy ? The longs will be out of money. And the shorts will have already covered. Down 50% (since March) and still holding. Sarmad

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