Fleck yesterday's bit on the IBM-warning then rally RUSE.<<Size 56 Vested Interest: So, today was just another massive, massive disconnect. I don't think that too many people were short tech stocks in general, such that when they didn't come in, they had to buy them. I would think the more likely explanation might be that certain large, vested interests with sizable positions in some of these stocks maybe decided, what the heck, we can't afford to have them go down, and so we'll just buy them and hold them in there -- i.e., they tried to support their positions.
This Way Out: Whether or not that happened, none of us will ever know. And even if it did, it can't work for very long. All it can do is to postpone the day of reckoning, which of course has been postponed ad nauseam in the past, though with a brief respite of reality from time to time. Going forward, I would think that anyone with an ounce of brains would recognize this for the warning shot that it is(i.e. the IBM warning--max insert), and run, not walk, to the nearest exit of the casino. I don't see how anything is going to be able to rescue the market from its day of reckoning over the balance of this year.>>
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