Bambs, today was not overly bearish, and was to be expected...we are range-bound (3790-4000), until we are out of earnings warnings season...it is clear that the Fed will do nothing on Oct. 3rd....and, despite the slowdown in the economy, to date, there is absolutely no evidence that previous Fed rate hikes have done/will do anything to stop (or slowdown) strong revenue/earnings growth from TOP technology companies (not the 2nd/3rd tier technology companies that you like to trot out)..
Your theory from mid-summer (Fed rate hikes would quash top technology companies' earnings...at some point) is running out of time (and logic)
Sure, if Cisco, EMC, Yahoo, Siebel start to warn...the Naz is in trouble...and would head to 3500 and, likely, below. I wouldn't hold my breath (for such an occurence if I were you)...give we are heading in a historically strong period for stocks (Nov-Jan.), the growing possibility of a neutral Fed (and, likely, a rate cut down-the-road), and Presidential election (again, trend trackers will like that)....I don't think you'll have a lot of company in holding your breath either...
A couple more nervous weeks...and then things will get better...maybe some drag in October due to IPO supply and mutual fund tax selling......although I bet we'll be higher Oct. 31 than Oct. 1st.......Tomorrow, being options ex, it wouldn't be surprised to see Cisco go back to 60....but what we lose tomorrow, we'll likely gain back on Monday...that's been the pattern...
Enjoy the next 2 weeks...your time to shine! <G> Unfounded fears can not be disproven! (yet) |
