Patrick, if he was part of the analytical "brain"-trust on this one, might just stay the course. If 22 holds, maybe the thinking swings back to "bad stuff's in there/they're buying X-year earnings" (not that I think you can take the meta-narratives the TV personalities construct to give viewers the impression they have a handle on what's really happening that seriously. I mean if you listened to Bob Pisani's soothing, feel-good blather a couple of months ago about how everyone was buying 1999 earnings in the chips and gear makers, you're probably not too happy.)
IMHO, if it gets legs, it's more accurate to call it a technical bounce.
Someone's been selling since the initial "Dan Niles top" though - the first one up around 33 that is, not the most recent one.
Speaking of bad short-term calls, hey how about that timely initiation from Mother Merrill on GALTF yesterday?
Of course, they pre-warned ATB tonight.
biz.yahoo.com
Kurlak certainly does "train" his troops well.
Good trading,
Tom |
