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Technology Stocks : Semi Equipment Analysis
SOXX 296.92+0.1%4:00 PM EST
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To: Donald Wennerstrom who wrote (11925)9/30/2003 3:19:39 PM
From: Return to Sender  Read Replies (1) of 95500
 
Don, economic numbers can be revised both up and down. When you look over Les's thread tonight he will probably show the semiconductor downward trend strength at -100.

It cannot trend any harder down before finding a bottom and moving higher. How convenient these bad economic numbers have been for fund managers taking profits and looking for cheaper prices at the start of a new quarter.

The market IS OVERVALUED.

It will probably get much more overvalued soon enough unless my short term indicators are totally full of bearish bull. And I don't believe it.

This is of course just my humble opinion but we are in the process of forming what looks like another short term bottom in September. Remember when I pointed out how September is historically the worst for the market?

Well October may be the month where most bottoms are actually formed but by the end of October the market usually is rallying nicely.

Expect some upward revisions in those economic numbers. Expect a rising btb. Japan's btb is much higher than ours. INTC is paying for MU's capex. Most semiconductor companies are guiding higher. The btb will rise.

Yes, the market IS OVERVALUED but it probably is going to get even more so.

JMHO, RtS
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