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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Bong Lewis who wrote (16219)	4/2/1998 11:54:00 AM
From: Anthony Lore	Read Replies (1) \| Respond to of 25960

From today's Money Daily: Poor 'ol Fleck! Their main gripes: Investors have tossed out the basics, like researching fundamentals, to make room for a "nothing can go wrong" mentality that has them throwing money at the market in a speculative frenzy. Hubris factor of 12 on a scale of one to ten, they say. Completely idiotic and manic. Like being in a madhouse. "I've been doing this for three years, and never has it been this insane," says William Fleckenstein, of Fleckenstein Capital in Seattle. "The facts have nothing to do with anything anymore. Being right does not count very much. You have to be right when people are not in the mood to come up with 15 reasons why serious problems are only temporary." Case in point: Fleckenstein thought he had a lay-up Wednesday morning after semiconductor equipment maker KLA-Tencor Corp. (NASDAQ: KLAC) announced sales for the first quarter will fall 17% because of a slowdown in the sector. Wrong. The stock closed up $2 3/4 to finish at $41. "They announced horrible results, and it went up anyway." It has been the same story with other stocks he has shorted like Ultratech Stepper Inc (NASDAQ: UTEK) PRI Automation (NASDAQ: PRIA) and Applied Materials (NASDAQ: AMAT). "Virtually every company in the semiconductor capital equipment making business is terrible and getting worse. Announcing bad news. But most of the big ones are up." Here's to another stellar day! --Anthony