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To: John Stewart who wrote (1917)	9/30/1999 7:31:00 AM
From: Philip W. Dunton, Jr	Read Replies (2) \| Respond to of 3661

John S. I stated that we were in either a nasty intermediate correction or the first leg of a bear, with the odds favoring the former. As Ian points out though, on an A/D basis, the market topped out in April 1998 and has been eroding ever since. So far, the strength of the major averages and certain specific sectors like technology has been masking the overall weakness. However, if we are in a full fledged bear market, sooner or later the major averages and the stronger groups will get in step with the decline. That's when things get nasty. Are we there now? I think that depends on the Fed and whether they are going to continue to tighten. With next year being an election year, I suspect not. Maybe the real pain will come after Nov. 2000. Just remember, the market will do what ever it has to do to fool most of the people most of the time. Phil

To: John Stewart who wrote (1917)	9/30/1999 3:57:00 PM
From: Ian@SI	Read Replies (1) \| Respond to of 3661

From an SSB research note... Might one expect another major CVD order from Samsung soon? In addition to strip. Ian. +++++++++++++++++ Samsung Electronics is building a new semiconductor plant (Fab 10) scheduled for completion in the third quarter of FY00, which will make 256Mb chips using 200mm wafers. Total investment should be US$1.6-1.8 billion. The company plans to install manufacturing equipment in the fourth quarter of FY00 and begin inputting 30,000 wafers (0.15 micron) monthly starting in FY01. Moreover, Samsung plans to expand input at its Fab 9 plant to 30,000 wafers from 16,000 wafers monthly.