Mike, on June 3rd, INTC announced that they had no plans to issue "earning guidance" in the near future kind of implying that INTC will not warn (at least as of June 3rd, they still had a month going in the quarter).
In a normal year, the summer rally extends from early July to Memorial day or so, I do not expect this here at all. As a matter of fact, I think we will just marginally breach 1800 on the NAZ (give or take 10 points), the big caps and the Dow might register marginal new highs (just to fool everybody that the bull has resumed full force), but I think that the real low will not be in until about two months after Japan reports a 3rd quarter of negative GDP (roughly late October early November). According to my mauled turnips, that will be a sharp drop of 1000 points on the dow (from a July August high of around 9200-9300 to a low of 8250-8300) and much worse for the naz.
My poor turnips are also raising warning flags that if 8250 is breached (except for an intraday piercing), then they will turn outright bearish.
Zeev |
