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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1468)	5/17/1998 7:05:00 PM
From: robert b furman	Read Replies (1) \| Respond to of 3813

Steve just got back in from running a marathon in corpus christi.Sure does look like a change in sentiment has occurred (friday).I think Novellus has displayed a leadership role in the tech sector.Many of the stocks I follow have not done as well as NVLS.In fact many are still declining where NVLS actually displayed improvement. I do think that before tech stocks become the favored darlings - we must see a general Tech Stock bottoming out process.When they all align with a negative bias we will have ourselves a once in 3-4 year blue light special sale. Short term I think NVLS will test 41 - 40. Often the early leaders show excellent strength during overall market weakness.If we get many negative preannouncements during the June 10 thru July 10 - it is possible to forecast low thirties - I just dont think this will happen as NVLS is well situated with a solid domestic ownerbase that has the money to invest in the next level of 300 mm efficient no human all robotic chip production. This total package-is leading edge and not clearly defined (so it takes longer to implement ) We must remain patient to the long term - keep our powder dry - and buy with remaining purchasing power in waves. This will insure lowball purchases and correct mental strength to hold during the worst of the worst.It is important to remember that these weak stock price periods are moments of opportunity (that don't occur very often) I also own:cohu (very weak of late) Adex(Holding well) seagate acting in close harmony with Nvls.I am watching to buy Asyt,Egls,Etec.All good companies. The ones I buy will be the ones that go the ridiculously lowest ! I do think the market is going lower also-but not enough for me to want to bail out of my Long Term holds or go short. I do like to sell naked puts on stocks I would like to buy anyway. Will advise of any teases I see. Thanks for your note Bob