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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (3539)	6/17/2002 7:05:46 PM
From: Donald Wennerstrom	Read Replies (2) \| Respond to of 95574

Here is a "take" by Briefing.com on today's action. Tech Stock Analysis Updated: 18-Jun-02 General Commentary The long awaited, oft forecasted, technical bounce finally arrived on Monday, with the Nasdaq jumping a healthy 3%... Gains were widespread, though semiconductor, software and biotech stocks were among the best performers... Not surprisingly, these three groups were also among the hardest hit over the past couple of months. But before you go out and place orders to buy beaten up tech/biotech stocks, remember that we've seen this type of action on several occasions over the past few months, and in the vast majority of cases there was no follow-through buying the next day... Considering that yesterday's modest volume totals (1.6 bln shares on the Nasdaq) suggest that the rebound was due more to short-covering than aggressive new buying, we're likely to see only limited upside from here. Given the deeply oversold technical tone Briefing.com wouldn't be surprised if sector/market managed to actually string together a few good sessions... At the very least we expect the indices to exhibit a bullish bias over the next week or two, if for no other reason than the oversold technical indicators... Recent trading patterns also point to a modest corrective bounce. However, even if tech and biotech stocks lead the market higher over the next couple of weeks, the underlying bearish trend should remain intact... At this point, investors will need to see concrete evidence of a turn in IT spending/earnings before they aggressively recommit to the buy side. Robert Walberg, Briefing.com