DARBES: To offer some balance to the PS recommendation....the major Tech Analyst at Barrons today concedes that following last week's correction all short term indicators are upward and there is a "frothy" feeling in the air, but the underlying technical case (as he described it in the last two weeks and as was discussed and contested on SI) continues to point to a bear market in the not too distant future. He and another author in Barrons claim that there is less enthusiasm for leading cyclical stocks, such as semiconductors, although, in the case of the second author that is tempered by the suggestion that semiconductors and the other cyclical leaders may be simply consolidating their 2003 advance, and awaiting results.
In other words, they may be going up or down or remaining level.
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