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Technology Stocks : Semi Equipment Analysis

SOXX 313.69

+4.2%

4:00 PM EST

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To: Return to Sender who wrote (10997)	8/15/2003 4:32:59 PM
From: Donald Wennerstrom	Read Replies (3) of 95663

The problem is - we are too close to the issues. We see the very high valuations(which are going even higher) when the fundamentals are not moving much. I have tried to look at a "bigger picture" the past couple of weeks and it has been sort of an "eye opener" for me. When you have the entire "financial press" telling you how much improvement is out there and how good it is going to be in the future, the dips are probably going to be pretty minor. IBD has been pushing hard since spring on how well the market is doing. It's repetitive, day after day. They've never seen a day they didn't like since last spring. If it goes up that's good - if it goes down, that's just a minor adjustment and fits in with the overall pattern. Let's step back and take a look at it - Since the bottom last Oct(and March) 2 Trillion of wealth has been generated by the market. Who has a great deal of self interest in seeing this increase continue? I can't think of anybody, except the "shorters" who want to see this market go down. The newspapers, like IBD, and the brokers desperately want this rally to continue and more people back in the market. IBD will sell more papers and the brokers will make more money. Now that the institutions and mutual funds have returned to the market, they want to buy the dips and keep pumping this market upward. Too much money and time have been invested since last October(and March) to let this market do down to substantially lower levels. We might have a "dip" once in awhile, like we did last week, but guess what? - it all came back this week. "They" were pushing hard. Don

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