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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.92

-0.7%

Dec 31 4:00 PM EST

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To: Suresh who wrote (38799)	1/10/2003 2:43:27 PM
From: Johnny Canuck	Read Replies (1) of 69349

Yes, it is a pretty crazy market. Employment numbers are down, discount retailer like WMT are seeing decreased growth, we are into a seasonal weak Q and the market is rising on the hope that inflationary spending by the government will pull the economy out of its dormant state. Given the excess capacity at the fabs, I have to agree about the semi equipment stocks. I am not so sure about individual semiconductor stocks though. Given the depressed demand level, even a slight uptick would change the P/E picture quite quickly. Given the excess capacity you would think they could get pretty good pricing breaks from fabs. The $50,000 question is what sector is seeing demand for new, high margin products.

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