Stephen, the NASDAQ leaders I had in mind were INTC, CSCO, SUNW, ORCL, and AMAT. INTC's earnings disappointments (as I recall) were in the first and second quarters of last year; MSFT is currently a special situation. As we go into earnings warning season, I'll be watching these carefully for signs of weakness. I'll omit any reported gains on sale of investments as nonrecurring items - I think the market also views such gains (on internut investments, or whatever) as one-time items.
I agree with you - operating revenue growth can't grow at these rates forever. However, I don't know if growth rates will fall off next quarter, or two years or more from now. For now, I'm trading on the long side, jumping in whenever the NASDAQ has declined sharply, then holding for a few days or a week. Mostly in cash now, after riding the wave up since Memorial Day.....
Good trading,
Ron |
