Bateman, IMHO if you're bear (and flat) this is too good to be true.
I had been planning to call in the strategic bombers in the 38 3/16-40 13/16 area.
Figure we get some more upside in the techs early on if CSCO comes out okay, then a strong jobs report + the anticipated Kurlaking on the sector + profit-taking ahead of the weekend...
...and the MUNH's may be looking nice 6 sessions out.
Then again, maybe I should check TV Guide and make sure Abbey isn't tout couch dancing with Lou Dobbs or his ilk.
IMHO $SOX rally is being fueled by a lot of dumb big money that just couldn't buy enough in San Fran last week. I'm surprised there attention span has lasted this long.
In general, the Asian fallout isn't going to show up for another quarter and I don't think the results will be greeted with the old "well that's already been discounted" reaction by the mo-mo guys. On the FA end, I'd expect the mea culpa's to start the 3rd week of March.
Kurlak is actually closer to right than wrong on some of his coverage stocks, but my beef w/ him is that he's right for the wrong reasons.
Although, the fact is, the guy is getting his teeth kicked in. He criticized Sue Pulliam in an EBN piece for "not understanding the business" (I'm paraphrasing), but a rating is a rating and a ratings change is a ratings change.
Kurlak changed his long-term rating at MU's bottom and it's up roughly 68% since then. The guy may be proved right, but that call in and of itself at present is not something he's going to "declare victory" over anytime soon. I'd say the "Axis Powers" (Goldman and Montgomery) are kicking the crap out of Merrill on this one.
Good trading,
Tom |
