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Technology Stocks : Semi Equipment Analysis

SOXX 352.69

+1.8%

Feb 2 4:00 PM EST

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To: Donald Wennerstrom who wrote (14440)	4/13/2004 2:09:38 PM
From: The Ox	Read Replies (3) of 95834

One note on today's action, INTC has torpedoed the market many times in the past few years. I think some of the action is based on a flight to safety before INTC reports. We've had a nice rebound off the lows of 2 weeks ago and the SOX jumped from 454 to 518 (+14%) during that time. RtS has mentioned his read that weakness now could be a nice setup for the next move north and I agree, as I have been selling into strength the last few days. I've taken more off the table this morning on the early move up. For the very short term, I think siding with caution is a good thing. I'm protecting my leveraged gains and have moved to about 50% cash, based on this morning's failure/breakdown and because of the pop my trading stocks saw in the early action (reaching sell targets I had in place). On the opposite side of the ledger, Japan continues to gain ground and having the #2 economy in the world add some strength is vital to the global economy. The US numbers are looking more attractive as well. But we are approaching May, and there are many people who still believe you sell in May and go away (from the market during the summer).

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