BUY!! If there was ever a confluence of factors predictive of a short term rally, we have them this morning. Asian markets up about 5% (and all of them up at least a little) and solid earnings surprises from Intel and AMD. Forget AMD, actually, Intel is going to drive a rally all by itself. Also, Suharno is suddenly making VERY favorable noises, promising to exceed IMF requirements for fiscal restraint, and China promises not to devalue the Yuan. We are going to see a devaluation of the $HK when things calm down a little, but that won't hurt today.
Anyone who ever trades short-term will want to take a hard look at getting in pre-opening today. The tech sector is going to gap up, for sure, but past history indicates that the rally will continue all day, broad and deep. IMHO, it's going to be enough to run the DJIA up a couple of hundred -- the tech sector should rocket.
Anyway, I'm buying to margin limits at open on my theory that a rally is going to extend after opening. For sure, though, anyone who's long as of Monday is going to make some good gains by today's close. In other words, anyone who bought when there was "blood in the street" is going to see his theory's day in the sun today.
I've been wrong before, but I'm putting my money on this one. Heck, I bet you a buck that people holding APM will make 10% today. |
