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

To: Donald Wennerstrom who wrote (10482)	7/7/2003 6:37:21 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95530

From Briefing.com: The bulls were running in Pamplona on Monday and they were certainly running on Wall Street as the market, led by the tech sector, staged a broad-based rally that was in keeping with the positive vibe seen around the globe. The Nasdaq, which surged 3.4%, easily cleared resistance in the 1684/1686 area - a trading range top that halted rally attempts on four separate occasions over the past month - and closed at its highest level since May 2002. Why did the tech sector fare so well? Let us count the ways: (1) Continued follow through by momentum investors that were encouraged by technical developments and the strong showing by foreign markets (2) The Financial Times, citing its sister publication Les Echoes as the source, reported that Microsoft (MSFT 27.42 +0.92) is considering paying investors a special dividend of more than $10 bln (3) Goldman Sachs said it believes the semiconductor equipment stocks could outperform over the next two weeks ahead of what it expects to be an upbeat Semicon West trade show beginning July 14 (4) Taiwan Semiconductor (TSM 11.05 +1.02) reported encouraging sales and utilization rates (5) Continued weakness in the Treasury market prompted further chatter about asset allocation trades (6) Relief that there was a lack of terrorist incidents over the holiday weekend and (7) Fear about missing out on a continuation of the rally. The highflying semiconductor stocks spearheaded the advance with the SOX Index registering a gain of 7.2%. They had plenty of company as buying interest was widespread in the broader market. Despite the lopsided nature of the market, the bulls weren't necessarily running at full force. The proof of that point was reflected in the volume totals, which reached 1.40 bln shares at the NYSE and 1.85 bln shares at the Nasdaq - good, but not blowout numbers given the size of Monday's gains. Credit the impending earnings reporting period and concerns about the overbought nature of the market for the tempered enthusiasm. As it has been indicated in the past, though, the market can stay overbought for an extended period. To be sure, Monday's advance is likely to stir concerns among sidelined investors that the tech sector, and the broader market, is poised for another appreciable leg higher. That consideration is apt to keep buying interest alive in the tech sector heading into earnings season, but until there is some validation in the guidance that the scope of the rally has been warranted, we'd wait patiently on the sidelines before committing new investment dollars.-- Patrick J. O'Hare, Briefing.com Don, should I create a list of 6 month daily charts over at iHub of the group? I can add A to give Kirk something to look at while he waits for you to add it to your list. They will update daily with a 15 minute delay. Some good charts to go with your excellent tables should be helpful to anyone interested in technical as well as fundamental analysis. As for your question of a repeat of today tomorrow? Not likely but the market has room to run higher even if the semi equips ascent may slow. RtS