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To: Carl Worth who wrote (50379)	1/7/2004 8:13:53 AM
From: E.J. Neitz Jr	Respond to of 53068

>>>how far ahead of the upturn did GS start making comments 180 degrees opposite of these comments, such as "we are taking our numbers down but we think the worst is over in terms of stock price," or something similar to that? <<<< Carl, they started telling their clients that the bottom was reached around this time last year. It took a good 6 months for the stocks to finally turn. The stocks were moving up and they remained bullish all through that time. Other brokers turned bullish as the stocks were up 50% or so. This am Sanford Bernstein Inc finally upped Intel to outperform. Goldman Sachs made the same type of call on Pfizer months ago and it is finally moving....again a good 6 months. Same with Nortel. I think Goldman put these comments out knowing that the semi price cycle has more room to run, especially as the other brokers throw in the towel and upgrade. It may be a while until Goldman says reduce....they are just putting their clients on notice. Anyway thats how I read this.