Market Gems-Trading Strong Earnings Growth and Momentum Message Board

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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum

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To: Jenna who started this subject	3/1/2001 4:18:02 PM
From: Dave Gore	Read Replies (2) of 6445

MARKET UPDATE - Unfortunately tech fans, the IBM rumor was probably just that. While it provided a catalyst, I hate rumors and went flat at the close. About 2 minutes after the market closed, Bob Pasani reported that he heard back from an IBM official who denied that they said anything about a positive quarter. Stocks seem to be falling back after hours as are the NQ's. It's still encouraging that AMCC shook off bad news, although I would feel better if it wasn't just short covering. I am hoping that people felt if was so beaten down and the bad news was built in and it just decided to rally. If that perception holds true, (i.e. that people feel the bad news in certain quality tech stocks is already built-in), we may indeed get a rally. But we need more definite catalysts than CNBC rumors. PS- It's always hard not buying stocks like ARBA at the close when we get a strong finish, but I learned a while back to resist that urge, as odds are it is too early to expect carryover tech rallies on strong closes, especilly ones based on weak catalysts. Again, many savvy trader have a rule to stay out of the Market in the last 15 minutes.

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