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Technology Stocks : Semi Equipment Analysis

SOXX 346.30

-4.1%

Jan 30 4:00 PM EST

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To: Return to Sender who wrote (14415)	4/12/2004 1:09:53 PM
From: The Ox	Read Replies (1) of 95823

Hi RtS (and all...), The forward looking concerns you voiced are valid but let me add a point of reference. During the extended downturn, the SCE companies have tightened their fiscal belts and they have been very cautious with their spending. This should give support to the relatively modest outlooks which make up the PEG multipliers. As long as the rebound continues on the slow but steady track and extends farther out then many are currently expecting (into 2006), then the PEGs for our group are very bullish as Don has pointed out. These issues are not disconnected from the market but they do imply some "life of their own", separate from the over market trends. It is very possible for the market to go sideways, while the SCEs inch their way up. Obviously, if the market moves higher, combined with good outlooks from the SCE companies, that could give us the best of both worlds in the short haul. mh

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