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To: hdl who wrote (140008)	12/22/2001 4:31:59 PM
From: mishedlo	Respond to of 436258

Semis have rallied in the false expecation of the above. Just like they did last Jan, last Apr and Sept. Every time they get crushed to lower levels. Oh yea, this time it must be true. Where is your data coming from? Every time the "train leaves the station" it is hammered back to oblivion. Fewer and fewer stocks are participating in this rally. If CSCO was selling so many routers then why arent TXCC AMCC PWER recovering to new highs. Funds have to buy something so they are chasing the last few bastions of strength. Everything else is in a funk. Check this out. This is a very good read. Give it time to load. M hussman.com

To: hdl who wrote (140008)	12/22/2001 5:17:21 PM
From: Les H	Read Replies (1) \| Respond to of 436258

housing prices are still bubbling. this year is another record year for new corporate borrowing. the stocks are rallying, not as a predictor, but as a facilitator by the government for its policies. it's one of the tools they have to try to stimulate consumption. i believe it was corning that said recently there was a 5 or 6 year supply in the field. meanwhile, the bells are waiting out the clecs before they invest, and the clecs are arranging new financing to try to ride out another couple years. networking index charts (GIP = Goldman Networking) stockcharts.com[m,a]daclyyay[pc20!d20,2!b50][vc60][iLb14!Lp21,3,3!La12,25,9!Lg] stockcharts.com[m,a]daclyyay[pc20!d20,2!b50][vc60][iLb14!Lp21,3,3!La12,25,9!Lg] GIP is headed for 213 where the October lows and two-thirds of the fall rally will have been given back. After the bounce from there, it's likely headed back to the lows or lower. Here's their customers XTC, or the telecom utilities stockcharts.com[m,a]daclyyay[pc20!d20,2!b50][vc60][iLb14!Lp21,3,3!La12,25,9!Lg] You can find Verizon, SBC, and Bellsouth, languishing near their lows.