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To: Jerry Olson who wrote (1611)	9/18/2002 5:37:01 PM
From: Frederick Langford	Read Replies (1) \| Respond to of 1854

Market Swing Discussion: Chat Room Notes and Recaps ------------------------------------------------------------ Posted by Nikko_thyme on Tuesday, September 17, 2002 - 9:44 pm: Chat Notes 9/17/02 8:30 PM Monthly Signals: SOX: Inter-month CLASS 1 BUY All other indices are trailing behind the SOX. Weekly Signals: All indices are in the LOWER MIDRANGE/OVERSOLD area. Daily Signals (Closing Basis) NAZ, NDX: Borderline CLASS 1 BUY DOW: CLASS 2 BUY OEX, SPX: Borderline CLASS 2 BUY SOX: CLASS 1 BUY VIX: UPPER MIDRANGE/Nearing OVERBOUGHT VXN: OVERBOUGHT USD: MIDRANGE HUI: MIDRANGE/LOWER MIDRANGE If the market continues down tomorrow and closes at the lows the signals could line up as CLASS 1 BUY's, which would be a more reliable reading. Donald is not anticipating a large rally. Donald noted how the market internals are deteriorating. Donald covered just over 1/2 of his short position, leaving him with an 18% short position. The Capitulation indicator has a reading of 4.7, but still has room to move up. In July it reached 5.9.

To: Jerry Olson who wrote (1611)	9/18/2002 7:14:07 PM
From: Frederick Langford	Read Replies (1) \| Respond to of 1854

North American Semiconductor Equipment Industry Posts August 2002 Book-to-Bill Ratio of 1.14 SAN JOSE, Calif., September 18, 2002 -- The North American-based manufacturers of semiconductor equipment posted $1.12 billion in orders in August 2002 (three-month average basis) and a book-to-bill ratio of 1.14, according to the August 2002 Express Report published today by Semiconductor Equipment and Materials International (SEMI). A book-to-bill of 1.14 means that $114 worth of new orders were received for every $100 of product billed for the month. The three-month average of worldwide bookings in August 2002 was $1.12 billion. The bookings figure is 5 percent below the revised July 2002 level of $1.18 billion yet 57 percent above the $715 million in orders posted in August 2001. The three-month average of worldwide billings in August 2002 was $981 million. The billings figure is 1 percent above the revised July 2002 level of $969 million and 14 percent below the August 2001 billings level of $1.14 billion. "The decline in orders was anticipated considering recent announcements from chip and capital equipment manufacturers about the poor visibility for the semiconductor industry in the second half of this year," said Dan Tracy, Ph.D., director, Industry Research and Statistics for SEMI. "While bookings are considerably higher than one year ago, the overall order trend is not providing any signal of substantial further improvement this year." The SEMI book-to-bill is a ratio of three-month moving average bookings to three-month moving average billings for the North American semiconductor equipment industry. Billings and bookings figures are in millions of U.S. dollars. Billings (Three-month avg.) Bookings (Three-month avg.) Book-to-Bill March 2002 797.6 835.9 1.05 April 2002 814.6 995.6 1.22 May 2002 869.6 1,105.2 1.27 June 2002 927.1 1171.3 1.26 July 2002 (final) 969.1 1181.9 1.22 August 2002 (prelim.) 981.2 1121.7 1.14 Fred