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

To: Sarmad Y. Hermiz who wrote (11332)	9/2/2003 12:29:41 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95617

Sarmad, I can't find fault with your observations - they are very straight forward and basically point out that the economy is improving, revenue and profits are increasing, etc. This is propelling the market forward, and to the extent that good news continues, the market will continue to rise. You have been right for many months now and I have to respect that - your projection for further increases to NASDAQ 2000 certainly seems to be reasonable at this point. Having said that, I still have concern about market valuation of many individual stocks. Going back to the bottom valuations hit in October last year and March this year, these valuations were much higher than those registered in October of 1998. In other words, the strong buildup of market valuations achieved during the last few months started from a much higher "base" than in 1998. I have been in the camp that says we should have a "pullback" to establish a better price to evaluation ration prior to the market moving higher, but so far, I have been wrong in that assessment. Let's get back to my "silver bullet" situation. We have them being "fired" at an ever increasing rate. The following is from Briefing.com this morning. <09:45 ET Dow +46, Nasdaq +14, S&P +5.70: [BRIEFING.COM] Indices open in line with futures indications...gains in overseas markets Monday and today a help...also giving a boost to the buying as institutional players return from vacation is a slew of upgrades to tech companies...Dell (DELL 33.29 +0.67) upgraded at Goldman, National Semiconductor (NSM 29.66 +0.52) upgraded at Soundview technologies, and Oracle (ORCL 13.02 +0.19) upgraded at Thomas Weisel...Fannie Mae (FNM 65.97 +1.18) and Freddie Mac (FRE 54.26 +1.11) were upgraded to "buy" at Merrill Lynch...the bad news is that bonds are getting crunched, as the 10-year is down 25/32 to yield 4.56%...Aug ISM index at 10:00 ET...> More to come I am sure.:) Don