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

To: BWAC who wrote (13720)	3/4/2004 11:48:00 AM
From: Nancy	Read Replies (1) \| Respond to of 95383

NVLS 45 to 31 AMAT 24+ to 21 INTC 34 to 29 LRCX 35 to 25 CSCO 29 to 23 KLAC 63 to 52 dont you think they are running way ahead of the underlying biz conditions implied ? especially the spike of NVLS LRCX & even CSCO ? now it is a function of time/price to correct the excess. There are many nontech stocks making new high every week with a lower valuation.

To: BWAC who wrote (13720)	3/4/2004 11:59:16 AM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95383

Another way to measure "fear" is to look at present SOX parameters of 2/27/04 as shown in Message 19861786 versus the SOX parameters of 1/16/04 as shown in Message 19705680 Note the difference in PEG ratios between the 2 tables. Now they are much lower than they were in January showing that the "market" does not presently support the same degree of "risk" as it did in January - or put another way, "fear" has brought the PEG numbers down since January. Also, note that between the 2 tables, the bottom line earnings for the SOX was 15.81 in January as opposed to 21.22 presently - that is a 34 percent improvement while the SOX went from 557.15 down to 502.26, a 10 percent loss. Must be something out there causing that kind of "market response" - do we call that something "fear".;) Don