A few thoughts, such as they are. . . .
JRI -- according to Briefing.com, analyst expectation for Intel Capex was 5.5 to 6 billion. Niles was clearly wrong, but consensus wasn't terribly off. Not that it's good news, but it's not the world's biggest disaster, either. (This, actually, in my head allows for a bounce at some point tomorrow.)
As for gapping down below NDX 1582, well. . . it could happen, but the futures would have to open up down 40 or so, and right now, they're only down 24. In fact, I don't know that they even took out today's low yet. Perhaps a weak open then a drain down to 1582, yes, but I don't think we'll gap below it. We'll see.
Also, tomorrow morning is a wildcard. Intel beat earnings and had okay guidance, other than CAPEX. Yes, they're overvalued blah blah blah. . . but what will the spin be? Again, this lets me think that the C down (or whatever we're in) could end tomorrow morning, and we could get a decent bounce. Now, as for Allan's squeeze theory. . . he wants that Intel panic low, and he might just get it. How we turn around and rally back to the highs from this is beyond me. . . but it's options expiration week, we've been below max pain, so. . . I guess anything can happen. Hey, maybe someone upgrades the biotechs tomorrow to cancel out the soxx.
Speaking of SOXX. . . that 533 area might come in to play after all, though that's a long way down. Very interesting.
the freep |
