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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: robert b furman who wrote (15328)	5/22/2004 10:49:44 AM
From: michael97123	Read Replies (1) of 95572

Hi Bob, As sox goes, so goes naz and as intc goes so goes sox. In the article RTS posted, i found the notion that there was a huge wall of stock(a seeming sell order) out there that keeps stopping the rally and it taking higher lows almost in stair step view until that wall can be climbed. Who are those folks who are selling all that stock? The recent decline had valid causes--multiples too high, market went too far too fast etc. But after the pullback we have had, i wonder who the folks are that are selling and what their motivations actually are. Are they hedge funds in trouble or does this have to do with the unwinding of the "carry trade" which may be forcing traders not only to sell long term bonds but equities that were purchased with 1% cash. How leveraged were these guys? Mike

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