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

To: Donald Wennerstrom who wrote (5616)	9/24/2002 12:47:35 AM
From: Donald Wennerstrom	Respond to of 95499

Here is the general commentary from Briefing.com tonight. <<General Commentary As Briefing.com noted several days ago, when the SOX index took out its July it was an ominous sign for the rest of the tech sector. It took several sessions but the rest of the sector to finally caught up, as the Gsti Software, Philadelphia Wireless, Amex Networking, Amex Computer Hardware and the Nasdaq Composite indices all tumbled to new multi-year lows in yesterday's trading. There were plenty of reasons for the selling from the usual suspects of war talk, sloppy economic data and lackluster business investment to additional earnings warnings, talk of massive layoffs and a growing uneasiness about the state of the economy - regardless of what the data are saying. It's almost impossible to envision a market environment any worse than the one we are experiencing right now. Virtually every day for the past few weeks the newspapers and news shows have been littered with negative headlines. Doesn't matter what the topic - politics, the economy, earnings - the news is bearish. Against such a backdrop it's no wonder that buyers are scarce. Unfortunately, the calendar suggests that we have at least another couple weeks of predominately negative stories, as we're still in warnings season, the war talk isn't going away and we're about to be hit by a wave of key economic data. And to top it all off, we now have virtually all the main industry/sector indices trading at new lows and trending sharply lower. If there is a silver lining to all of this it is that sentiment is now approaching levels of bearishness which typically coincide with a bounce. Might not happen today or tomorrow, but conditions are fast approaching the point at which Briefing.com expects to see some corrective activity. Bears will almost certainly test the first bounce by selling into gains, but if the lows set over the next week or so hold on that first test, we could again see another sizable recovery try. In the meantime, it's likely to be ugly, possibly very ugly. Robert Walberg>>