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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lee who wrote (54405)	4/22/2002 3:45:09 PM
From: t2	Respond to of 99280

We are getting an end of day bounce in the semis. I guess this is short covering ahead of B2B. That shows that the fear is in the shorts, otherwise the longs would be selling ahead of the release. A contrarian might conclude this is a sell signal. Do you see it as positive for the bull case? That KLAC earnings report really seemed to make the longs nervous given the very high valuations in the sector. Some of the selloff in the group is going to be blamed on Ericson and WCOM's affect on the Nasdaq as a whole but my belief is that it is still the aftershocks from KLAC. I do wonder if the selloff in the group has run its course simply because these are not ordinary companies. They supply companies worldwide and don't really have much competition from Asia. As business over there increases, AMAT,nvls, klac etc. will still be supplying them with the equipment. Only other American semiconductor that has that type of international dominance is of course INTEL.