Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: dennis michael patterson who wrote (7930)	5/23/2001 9:05:07 PM
From: sirinam	Read Replies (2) of 52237

Commentary from Briefing.com tonite. Not the same guy than yesterday,though. Yesterday it was Michael Ashbaugh, we dont hear him very often, but a TA perspective was given to support his comment. Message 15843528. Comments from Robert Walberg are always tinted with bullishness and not supported always by TA ( more of a gut feel and experience) I dont know why but my 3 years experience with them make me take comments from Walberg with a grain of salt now.I find him too much "cheerleader" I guess. Here`s his comment for tonite: <<Traders were given two reasons to take profits yesterday -- weak book-to-bill ratio for the chip equipment industry and potential change in balance of power in the US Senate - and that's what they did... However, orderly nature of retreat suggests that the underlying tone remains intact... Consequently, once shock of changing political landscape (assuming Vermont Sen. Jeffords does indeed bolt Republican Party to become an Independent) wears off - sometime today - market/sector should resume its advance. This is still a buy the dips type of market given that many portfolio managers remain underweighted in equities - particularly tech... This dynamic should continue to underpin market for at least another couple of weeks, at which point news cycle is likely to turn rather negative. If you're at all familiar with market dynamics you know why - earnings warning season... Recent indications from tech sector - including yesterday's soft book-to-bill numbers - point to another difficult quarter... While we don't expect anywhere near the kind of selling which accompanied last quarter's warnings season, the steady stream of bad news (which should start flowing about mid-June) is apt to keep buyers from being as aggressive. The big difference between the upcoming warnings period and the one recently concluded - companies likely to provide more insight into timing of earnings trough... As long as guidance isn't vastly different from current expectations (earnings bottom in Q2/Q3), buyers will come back with renewed vigor. Areas likely to get hit hardest by warnings season: telecom and telecom equipment... Groups likely to hold up the best include hardware, software - especially entertainment software, and storage. Robert Walberg>>

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