Don I think INTC is a good example of what I meant but many of the big name stocks were effected the same way early in the rally. Bad earnings reports and outlooks were met by a swift sell off followed by slow, strong, deliberate buying that has never let this rally fail.
This was a note from Briefing.com the day after INTC reported:
Pre-Market Movers : A difficult pre-market session for tech as Intel warning hits Semis, Semi Equip, and weighs on the sector in general. Here is a list of top percentage movers: INTC -16.5%, MLNM -12.5%, COF -11.5%, BRCM -11%, FLEX -10%, RFMD -10%, NVLS -9%, KLAC -8.8%, BRCD -7%, CSCO -5.5%, MSFT -4%... The Nasdaq 100 Pre-Market Indicator is trading off 33.5 pts or 3.5%.
Down 16% before the market even opened. Well despite the huge gain these last few weeks even INTC never popped back up 16% in one day. Here is a chart:
finance.yahoo.com
The SOX rise has been awesome. If the air is ever let out of this rally that could be just as dramatic. Of course that may never happen.
RtS |
