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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.46

-0.9%

Feb 3 4:00 PM EST

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To: Iris Shih who wrote (19678)	2/8/1999 10:17:00 PM
From: Suresh	Read Replies (2) of 70405

Iris, the way my friend (very much involved in the industry) see's the sector ; First fundamentalists made the mistake of not recognizing the technical strength in the sector. Now the technicians are making the mistake of believing the strength was due to fundamentals. Anyway... according to my friend the way industry is evolving we have seen the peak spending/year for the industry in constant dollar terms for some time... will be very surprised if this changes in the next 4 years. Anyway... AMAT has started hiring but they may have reached the terminal valuation for this cycle (I think people forget it is a cyclical industry). Usually I don't try to trade against the fundamental read but this year I have decided to throw everything out of the window and just enjoy the free ride. So, for now I am playing both the long side and short side but biased & comfortable on the downside plays for the sector. BTW this might be the first time insiders of these companies never purchased their shares. They just have to do with selling. -Suresh

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