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

To: Gottfried who wrote (7974)	1/7/2003 10:34:37 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95456

Wow G, that chart you did is a real eye opener. That P/E ratio seems like it was way too high in 92 to 93 and yet the market just kept right on rising. I guess P/E ratios only matter to the people as a comparative measure to support whatever argument they are trying to make. Great work on the chart. I believe it clearly supports the argument that P/E ratios are almost meaningless. Check it out everyone: investorshub.com Oh... the latest Briefing.com Commentary: Updated: 08-Jan-03 -General Commentary - Techs shrugged off the late day slump in the blue chip indices and pressed modestly higher amid new found optimism over earnings. Earnings outlook turned brighter on news that several firms (EMC, WEBM, KRON, etc.) guided estimates higher. As Briefing.com noted yesterday, it's still too early to determine if the better-than-expected results are due to improved operating efficiencies, increased demand or simply extremely low expectations. Until we see a pick up in real demand, Briefing.com not excited about chasing these gains - especially given the valuations. However, over the very short-term there's no question that sentiment and momentum are decidedly more bullish. List of winners these days looks strangely familiar, as several of the old momentum leaders have either broken out in recent days or are on the verge of doing so. Among the more notable movers are Siebel (SEBL), Veritas (VRTS), eBay (EBAY), PeopleSoft (PSFT), Broadcom (BRCM), EMC (EMC) and Mercury Interactive (MERQ). Optimism is high right now as we're at the beginning of the year and investors/analysts are still expecting/forecasting the best. Maybe this time is for real and this is in fact the start of a more sustained, more substantial advance. But until we see more consistent evidence that actual demand is on the rise and until more stocks/industry groups move decisively above their 200-day moving averages, Briefing.com thinks that techs should be underweighted in all but the most aggressive portfolios. Robert Walberg