As of the close today, I'm using margin, first time this year. Today, I bought TXN, and also a large purchase of CCL (Carnival Cruises, down 32% today, now on sale at a PE of 12, see messages.yahoo.com
I put back in my limit orders for more of QCOM at 45; almost bought more NTAP today.
I'm thinking that the cell-phone stocks, especially the non-commodity component-makers, will be among the first techs to come back. I'm also gradually concluding that the semis in general are going to recover (fundamentals, that is, less sure about the stocks) before the semi-equips. That is, the semis have to see sales and capacity utilization and margins come back, before we see semi-equip bookings rise from today's low levels.
If 40 doesn't get re-established as a support level for AMAT, this week, then 40 may become a resistance level.
Today had the feel of capitulation, for the overall market. Fear, Uncertainty, and Doubt were rampant. Anyone who didn't sell today, what would make them sell? Notice, that the techs are no longer the weakest and most volatile sector. Mr. Market's had his fun, hammering them into the ground, and now he's moved on to the Dow stocks. |
