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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 162.08+2.1%12:44 PM EST
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To: Running Bull who wrote (2760)10/20/1997 1:20:00 AM
From: Math Junkie   of 10921
 
<<I attributed the sell off to some perceived or real fear over a trade war with Japan.>>

Having watched this scenario develop during the week, my impression is that it was caused by a confluence of several pieces of bad news, real and imagined, together with lofty valuations:

1. Greenspan points out that investor expectations may be too high generally.
2. INTC disappoints both in earning and conference call.
3. The market misinterprets SEMI's best September BTB in history as bad news because it is sequentially down from August.
4. We suddenly hear that the coast guard has been ordered to close our ports to Japanese ships, which would obviously wreck both economies.

Obviously not all of the market reaction to the above was rational, but what the above items did was to increase the level of FEAR, and emotions, especially fear, are not necessarily rational.
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