Here's the proper way to phrase the SOXX-double-bottom question:
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Do you think the SOXX will go lower over the next 6-9 months? Choose statement 1. or 2. prior to stating your opinion.
1. I own one or more stocks in the sector.
2. I do not own one or more stocks in the sector.
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As in....
I own ASYT, PLAB, KLIC, and NVLS and* I think the SOXX will go higher from here.
I don't own any stocks in the sector and* I think the SOXX will go lower from here.
[*if not already obvious, my entire point is shown by substituting the word 'therefore' for 'and' in these sentences.]
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Dour Merrill view sets early tone
Futures hold up, but chip equip stocks tread lower
By Emily Church, CBS.MarketWatch.com
Last Update: 5:58 AM ET July 9, 2002
LONDON (CBS.MW) - U.S. stocks futures were losing overnight gains in speculative pre-open trading track Tokyo and the thin European gains in financial stocks.
Buyers were seen on hold ahead of a swathe of U.S. tech June quarter reports. Merrill Lynch set a dour tone overnight by downgrading 13 semiconductor equipment stocks on its expectations that orders will plateau in the second half of the year.
The dollar was recovering from a rout Monday vs. the yen that had been sparked by bearish comments from the Japanese finance minister. The dollar however remained weaker vs. the euro at 98.82 U.S. cents.
Investors are waiting for corporate outlooks on the second half of the year, said David Buik at Cantor Index, a London spread betting firm.
Equips AMAT, KLAC, etc lower.
Merrill laid out its expectation for second quarter earnings performances in key tech sectors. The broker cut its ratings, 2003 and in some cases 2002 earnings and sales estimates on 13 semiconductor equipment stocks, telling clients overnight "we believe the likelihood of a pause in semiconductor equipment orders in the second half of 2002 has significantly increased over the past several weeks."
Stocks cut to midterm buys from strong buys include: Applied Materials (AMAT: news, chart, profile), KLA-Tencor (KLAC: news, chart, profile), Lam Research (LRCX: news, chart, profile), Novellus (NVLS: news, chart, profile), MKS Instruments (MKSI: news, chart, profile) and Entegris (entg: news, chart, profile).
Applied Materials was marked down 50 cents at $18.50, dealers at Madoff Securities said. Novellus was down $1 at $30.15, but not seeing a lot of volume. KLA-Tencor was marked at $43.50, down just about a $1.
<abridged>
marketwatch.com
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