Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: robert b furman who wrote (10162)	6/17/2003 3:13:12 PM
From: Return to Sender	Respond to of 95541

Bob, nice to hear from you again. I hope you have been making a fortune these last few months. You were very right about the rally. I also have to agree that short covering is certainly part of the fuel that keeps a rally going like this one. Take today for instance when the put to call ratio was so low this morning the rally faltered. Too much bullishness? One would think so but this afternoon it looks like anyone short could get squeezed again. Volume has been falling lately but the market still wants to rise. I don't think that we will see a trend reversal until we begin to see higher volume on the down days as opposed to up days. In addition the selling has to break through a lot of support levels so that means a number of days in a row where the market continues to sell off. It just has not happened. The market has so many of the characteristics of a bull market right now that despite the overwhelming bullishness I could not possibly say anything more than something has to give. I do think the market is overvalued but that could be corrected in a couple of ways. First earnings could rise rapidly enough to offset these issues. Of course the market could also drop. Lately I think there is a lot of institutional buying taking place that is window dressing. If the market maintains its upward bias after June 30 then we can throw that issue out and just assume new bull market status... Keep buying the dip whenever get them. RtS

To: robert b furman who wrote (10162)	6/17/2003 6:08:42 PM
From: Return to Sender	Respond to of 95541

From Briefing.com: Excitement isn't a word one would use to characterize Tuesday's activity in the tech sector, but nonetheless, bulls had reason to be excited by the tech sector's resilience following Monday's strong gains. A confluence of factors contributed to the resilience, not the least of which was a CPI report for May that quieted concerns about deflation and a reaffirmation from Treasury Secretary Snow that he expects real GDP growth of about 3.5% in the second half of the year. Leadership from Microsoft (MSFT) was another supportive factor as the software company jumped 2.2% on heavier than average volume after Lehman Bros. reiterated its Overweight rating and said MSFT's valuation remains compelling. The market, in keeping with its bullish mindset, didn't seem too bothered by the added blurb from Lehman Bros. that its recent conversations with IT managers didn't suggest a material pickup in information technology spending was in the offing. To that end, it was also noted in a Reuters story that SAP's (SAP) CEO said that, based on his discussion with customers, he sees no early signs of a spending recovery. Such acclimations, of course, are rallying cries for the skeptics out there, but with the Fed expected to cut interest rates next week, the notable lack of earnings warnings, and the proverbial window dressing by fund managers as the quarter draws to an end, the tech sector managed to hold its own as traders remained predisposed to view dips as a buying opportunity, knowing that the trend has very much been their friend. Momentum, admittedly, remains on the side of the bulls and the tech rally may still have more room to run. Be that as it may, Briefing.com would suggest to investors that they refrain from initiating new positions over the near-term in high-flying areas like semiconductor, biotech, Internet, and telecom equipment as the maneuvering of fund managers chasing performance at the end of a quarter can create a false sense of security that the tech rally will continue unabated.-- Patrick J. O'Hare, Briefing.com briefing.com