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Hi Larry.
Well at least I know why. Novellus Systems Inc. reported better than expected
earnings (another equipment maker). Also after the close AMAT and CSIM
announced a merger. So we'll see what that does as well to the price on
Tuesday. I new that a merger was going to happen sooner or later with AMAT.
AMAT even said that the industry will consolidate and they had $? billion in
cash and would do what they needed to do to maintain market leadership.
However, there is one piece of bad news that 1999 will bring. This weekend
Japan had said that they will contract even further in 1998. This will put
pressure on the broader market because of earnings. However to balance things
out AMAT's restructuring will help it in 1999.
I did try to cover my 100 shares I shorted at 26 15/16 but after the computer
froze up and I got logged back on, the market had closed. From what I have read
AMAT has traded up to 27 on Instinet.
Well the week is long so we will see how it all ends up.
Harley
L Petersen wrote:
> Harley
> I suspect that we saw a short term double top today. The $COMPQ and $NDX
> show it well. So does YHOO and possible AMAT. Depending on over seas and
> after hours behavior, that might help you tomorrow.
> Larry
> _________________
>
> Harley Meyer wrote:
>
> > AMAT - I entered short 100 shares at 25 5/8 thinking that up 2 was
> > enough. Guess not. It is now up 3. I still have plenty of cash. But at
> > this rate I can get draw down quick. So I will be patient.
> >
> > KEA - the short at 30 1/2 actually make me a little nervous because KEA
> > could go to 40 before it takes another breather. But I will hold and
> > hang in there.
> >
> > Market - The NYSE up/down volume ratio was as high as 10 and is 7 now.
> > The NASDAQ was as high as 17 and now around 13 for the same ratio. This
> > is a very impressive day. The DJIA is up 169 points and NASDAQ up 57
> > with S&P 500 up 22. If these ratios hold up for the day we could easily
> > see a 300 point day in the DJIA. But profit taking will set in some time
> > this week. Possible on Tuesday or Wednesday.
> >
> > Harley
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