SO- Any further thoughts on the Naz here? Interestingly, as the Naz sits 2-4% below lows last Monday-Friday....a list of 10 (new techs leaders)...well, they've held up pretty well (ie, most have not breeched their prior low..despite the down week so far)....Those 10 include NTAP, CSCO, ORCL, SEBL, JNPR, CIEN, BRCM, BEAS, and others....I'm not saying they are all WELL above lows...just, for the most part, they are not below lows set on Fri./Mon......can we conclude anything from this ? (or the ones you are watching)..
Could there, indeed, be some basing going on underneath our noses?
Of course, book-to-bill crucial tomorrow....along with semis (SOXX) index holding 510-515....but we certainly would have stronger evidence if Soxx can maintain the lows set in Dec./Jan. (how it does it...I have no clue...the fundamental evidence should be pretty bad tomorrow...we'll see)...
Any thoughts as always appreciated.....BTW- If we finish below 1894 on composite, that'll make 8 down weeks in a row on Naz...that would be stunning indeed... |
