Quote of the day, and market commentary:
From the CNBC talking heads (the topic was Enron):
"It would be great if you could actually know how much profit companies are making."
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AMAT is one of the handfull of companies whose SEC filings I understand and trust.
The Nas is looking like a rounding top, just like it did in the summer of 2001. The current rebound off the October 2001 lows, is looking and feeling like the rebound off the April 2001 lows. The upward momentum seems to be exhausted, and we need lower prices before more cash comes off the sidelines.
I'm guessing we get a pullback, but I don't think it'll reach the degree of panic selling we saw in September 2001, and I don't think we go anywhere close to those prices. I re-entered AMAT at 42 today. Sold all my TXN at 30, looking to re-enter at 26. Placed limit orders to $-cost average into QCOM at 35, 30, 25, and so on (that one may set new lows). If stocks like WCOM are still bumping along a bottom, no investor interest in them, then the telco-equips aren't going anywhere either, not soon. I'm thinking CSCO 2004 LEAPs, with CSCO at 15, 13, 11, etc. |
