Yes , there was a time earlier in the summer in June,
when you could "buy the dips" after earnings on many of the favorite momo's like VRSN SEBL BRCM QLGC BRCD BEAS ....
...even JDSU ran up into the high 20's in May ,
and mid 20's in June.
It became a game with traders to buy almost every sell-off
after earnings, thinking the bottom was in . I took note
of the strength in BRCM which was a "dip-buy" for
over two weeks .
(Even PMCS, SANM , VTSS were trading longs before after hours on earnings warnings...and sure enough they bounced big, but every thing
in me cried : "this is nuts" )
The psychology of the market is what everyone has to tune
into at any given time , but this summer was frought
with almost the most shameless calls and P&D's by
some analysts and ---->dear Abbey , saying things had bottomed.
For a while there it worked to buy every sell-off after
earnings, it just became a game everyone played until
they saw companies like VTSS warned
again & again & again.
And the big Semi's still refusing to issue any guidance
of bottoming whatsoever on further updates .
Then it was time to sell , especially in August
when even the usual "back to school" pump failed
and the retail sector reporting
nothing but woe.
And what ever happened to the huge --->Tax Rebate spending, LOL!
;-)
marsh
PS: They were taking profits in the Bios friday... |
