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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	4/26/2001 6:39:04 PM
From: besttrader	Read Replies (1) of 37746

This was my favorite part of prudentbear --> Early this morning there were really only 3 pockets of weakness: the semi equips, the kinky chips, and the optical area. As the day wore on, the weakness spread like a bad disease. That was interesting considering that INTC was out early this morning ahead of their analyst milk and cookies party talking about their second half recovery fantasy and reiterating their ludicrous $7.5 bil cap ex number, which normally would spark a huge rally. The important thing about these statements is not so much what was said (we’ve heard it before) but how the market reacted. The equipment shares never could get going on the reiteration of the cap ex number and by the end of the day they were solidly in the red. INTC itself never could get going either and ended in the red by a percent. With INTC saying all the good things a bull would want to hear, the SOX still ended down 4 percent and back at Tuesday’s low, which once again sets up the dreaded island reversal that was aborted yesterday. A gap down tomorrow for whatever reason would be a very ugly development indeed.

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