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Technology Stocks : Mattson Technology -- Ignore unavailable to you. Want to Upgrade?

To: Bill Hermesmann who wrote (3442)	8/23/2001 8:13:57 PM
From: Philip W. Dunton, Jr	Read Replies (1) \| Respond to of 3661

Bill, I do not know how you are interpreting the sentiment indicators but most are showing extreme bearishness, which is bullish for at least a bounce. The ten day NYSE ARMS index is at 1.66 which is exactly where it was in April just before the six week rally that ended on May 22. Further, the 10 day equity put/call ratio is .72 which is where it was in April just before the rally. Both of these are extreme readings. There is nothing to say that these readings can't get more extreme, after all this is a nasty bear market and I was saying that as early as more than a year ago. We could be in for a test of the the April Nazz low before we get a rally. However, I agree with John, there is way too much bearish right now. When you see a special on the always wrong CNBC promoting short selling, as I saw last night, you can be fairly certain that the bears are going to get their butts creamed in the not too distant future. I don't think it pays to be too bearish here unless you have a very short term horizon. My guess is that quality stocks like AMAT will be higher in six months than they are now. (I can't say the same about MTSN.) Phil