From Bill Fleckenstein -
Illusion-Powered Upticks: Meanwhile, the SOX was heavy in the morning, even as the PC sector and the rest of chip/tech land was doing better. Why, you might ask? Well, it appears that a new theme is making the rounds: OK, we know there's a problem for wireless and wireless-components suppliers, but PCs are going to be just fine because Micron (MU:NYSE - news - commentary) and Intel (INTC:Nasdaq - news - commentary) told us so. Never mind that those two have an absolutely abysmal forecasting record, this theme seems to have taken hold. Of course, to help it along, people are even trotting out the old refrain about back-to-school sales boosting PCs, which is the height of lunacy.
The Log-On Come-On: Speaking of the wonderful PC market and what a great business it is, for any credit card holders who have a $5,000 minimum balance and are willing to switch to a Universal Savings Bank platinum VISA credit card, they will give you a new Compaq laptop from Hewlett-Packard (HPQ:NYSE - news - commentary) . As a kid, I can remember going to the gas station and getting free drinking glasses. Now, if you change credit-card companies, the freebie is a laptop. And some people think PCs aren't commodities? |
