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Non-Tech : Raptor's Den

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To: yu who wrote (4529)	10/17/2002 5:23:17 PM
From: velociraptor_	Read Replies (1) of 10157

If you look into it, the news wasn't THAT positive. They came in line or beat estimates a little, but those estimates have been ratcheted down for a while now. Think about it though...IBM just advanced about 20 points off its low or roughly 37% in just 5 trading days. That's a whopper of a move in a short time for a large cap stock like that. Be a bull or a bear, this puppy needs a steep breather and anyone holding out for more from here is greedy with a capital G. The only thing this distorts is the ability of the market to build a firm base. because of the quickness of the move and the manner in which we moved, I am now starting to question how long we will be holding those lows we made last week. There is zero strong support below the market between now and the low we hit on Oct 10.

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