OT - EMC is up on IBM take over rumors according to Briefing.com. The SOX looks ripe for a further drop but I would not be surprised if tomorrow is an up day.
11:15 ET EMC EMC strong today; IBM takeover rumor resurfaces (12.00 +0.25)
finance.yahoo.com^SOXX&d=t
From Brieifng.com: 12:00PM : Mid-Day Summary: It can't go up everyday. Even with today's weakness, the Nasdaq is still up 10% over the last seven sessions. There was a flurry of bad news coming from the tech sector. Goldman Sachs' Rick Sherlund believes that although Microsoft's (MSFT 62.38 -1.96) current qtr is probably on track, he expects the company's guidance for the next fiscal year to be conservative and maybe below the Street consensus...
Nokia (NOK 22.11 -1.39) warned that a sharper than expected decline in network equipment revenue will cause sales to disappoint. Also, Lucent (LU 5.43 -0.83) warned once again. Finally, WorldCom (WCOM 8.00 -1.01) said it has received an SEC request for the voluntary production of documents. Merrill Lynch downgraded the stock as a result. All of these concerns weighed on the market in this morning. The rotation has been mostly into cash, but also into more defensive sectors. As we are in the midst of earning warning season, investors feel safer holding names with more predictable earning outlooks. Tobacco and gold stocks are showing decent relative strength....
Overall, techs remain weak while cyclicals and defensive sectors are doing a bit better. The Dow is making a decent comeback over the last hour, but it's too soon to see if it will last.NYSE Adv/Dec 1276/1669, Nasdaq Adv/Dec 1230/1906
SOX Chart:
stockcharts.com[h,a]daclyyay[pb50,200!d20,2][vc60][iUb14!La12,26,9!Uk14]&pref=G
How low would a 50% reversal of the new recovery high take us on the SOX?
RtS |
