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To: Math Junkie who wrote (9596)3/25/2001 1:20:10 PM
From: Sam Citron  Respond to of 10921
 
Richard,

One thing of note in the longterm AMAT chart that you cited is that during both of the 2 most recent downturns, consolidation occured around midpoint in the downcycle. Cary's "Pay me now" or "Pay me later" scenarios would seem to bear this out, while completely ignoring a TA basis.

Sam