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Strategies & Market Trends : Classic TA Workplace

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To: At_The_Ask who wrote (57329)	10/22/2002 11:59:53 AM
From: JRI	Read Replies (1) of 209892

KLAC reports after bell...it is unlikely that their earnings/forecast will be good.. Even during this up move, we have gapped down on bad news (up on good news). Granted, there is theory of alternation, and no one really knows for certain what a market does short-term, but I'd be surprised if traders held overnite given what the market's MO has been during bad earnings. Why not just sell near close/afternoon, and wait to buy the dip again? (if one is bias long). Betting on a gap or good news would definently be a "against the flow-g" bet. I guess anything can/will work, but that would be the low odds bet, given recent patterns. Maybe it is irrelevant, but I'd think this would add pressure to longs at the end of today...it really doesn't matter if KLAC's earnings are bad...unless you've got some insider info or there's a juicy rumor...hard to bet the long overnite bet, IMO

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