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Technology Stocks : Semi Equipment Analysis

SOXX 292.04

+2.4%

Dec 18 4:00 PM EST

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To: Henry J Costanzo who wrote (12856)	12/30/2003 3:34:07 PM
From: Sarmad Y. Hermiz	Read Replies (2) of 95610

>> The buying is concentrated in Central Banks and other public institutions in the Far East.......China, Japan, Korea, Taiwan, Hongkong, Singapore. OK, I'll go along with that. But the numbers are too small. China supposedly bought $50B of treasuries. Japan was rumored to intervene by buying $10B of US currency. And so on. But the home loans are in $trillions. And no central bank has that kind of money. For instance, if new home starts are 10m in a year. And average loan is $150k. That's $1.5 trillion. No central bank has bought that many dollars from US. And since we're told that US workers are not saving any money lately, the answer has to be that the Fed conjured up that money from thin air. It's a dilutive addition to the money supply. Anyway, I hope the magic lasts. Sarmad

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