This is exactly what I meant, with my previous comment about a bottom being in when we ignore the bad news...
from a newsletter..the full newsletter posted here:http://www.siliconinvestor.com/readmsg.aspx?msgid=14970967
Even with the announcements, we continue to have a sense that the market
is gathering itself for a move up. After hours, even with the INTC
warning, stocks that sold off on the news fought their way back up.
Indeed, we saw BRCD, PMCS, BRCM, GLW, JNPR, NEWP, SEBL, VRTS and others
not only recover, but move substantially higher than their closing prices.
Even INTC recovered and was trading higher after hours. This is very
bullish activity given the news. The market absorbed bad news from a
major player, dusted itself off, and made new highs for the session. This
market wants to move up. |
