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Rocket, good point about this sell-off not being tied to external economic events. I agree that a revisit of 4100 is more likely, unless overall sentiment changes.
I think everyone will agree that investors are still skittish. As long as the focus stays on positive earnings, however, everything should be good for the bulls. Thursday and Friday's economic data is supposed to come in within consensus and not move the market, per stories at CBS Marketwatch and TheStreet.com. Yahoo sold off after earnings, but everyone expects that. If MOT reports good earnings and sells off, there may be problems.
ETEK earnings should shrink the gap between ETEK and JDSU a bit, as well as move both stocks up--assuming they are as good as expected.
So, I don't see much downside as long as the focus is on good earnings. Poor earnings or worse than expected economic numbers (e.g. suggesting a .5 rate hike), could cause us to see 3600 again. Under the best of conditions, focus on earnings shouldn't subside before the end of the month. This shouldn't result in a crash at that time, but maybe a decline. This would leave tech stocks in a trading range for a while.
On a separate note, does anyone know anything about the All-Optical Networks ComForum 2000 (4/11-4/13)? This was mentioned on Briefing.com. |
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