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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 166.37+4.4%Nov 10 3:59 PM EST
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To: Cary Salsberg who wrote (10554)8/1/2002 10:24:07 AM
From: Jim Willie CB   of 10921
 
more ISM grist for the mill on economist lack of capability

July ISM Index, which showed a reading of 50.5
That was below the consensus estimate of 55.0 and down from 56.2 in the prior month... Though the ISM reading is still suggestive of growth in the manufacturing sector, the market is disheartened by the decline from the prior month as it feeds concerns about the pace, and sustainability, of the economic recovery

this could be from total lack of profits
it could be from damage to foreign economies from declining USdollar
whichever, neither seems to enter economists boilerplate models
those models might have been relevant in the 1970-1985 era
but not now, not any longer

ONCE MORE ECONOMISTS GOT IT VERY WRONG
they expected ISI (formerly known as NAPM) at 55.0
actual was 50.5
only 10% off
try that in real business and you get fired

the DoubleDip Recession has been disputed, discredited, dismissed, and found to be politically incorrect

unfortunately, its validity is being reinforced weekly
before Christmas we should see the USdollar decline in full resumption, with the astonishing and perplexing development that interest rates are rising
as foreigners sell USTBonds

/ jim
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