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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: 16yearcycle who wrote (19967)	6/6/1998 6:42:00 AM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 70976

Gene: And it is important to think about the fact that this leg down has come in the context of an overall technology correction. So if one thinks we are going to 1996 valuations at this point, one has to think that this sector is going through something over and above what the overall technology sector is going through right now. This argument can be made: eet.com

To: 16yearcycle who wrote (19967)	6/7/1998 9:12:00 PM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 70976

Gene: A few more KLAC thoughts. Fundamentally, the stock looks cheap. But from a technical perspective with lower lows every day on much higher than normal volume (KLAC had a 17.m week last week -- a volume not seen since the rally at the beginning of April) suggests to me the possibility that the institutions that own 78% are selling into weakness because they know something that we do not. Moreover, KLAC is the only large cap semi-equipment company to breach its winter lows so far. Add to all this the observation that musical chair switch at the top and I get the feeling that something is going on. I am going to wait for the institutions to finish discounting whatever it is they are discounting before thinking of adding to my position. FWIW.