large techs were the leaders today. many techs did not participate, noteably the small and mid-cap techs. In the tech stock world, the MSH is a good barometer of a broad swath of techs, including the biggies. The MSH has big-time resistance at 600, which can be seen in this chart:
bigcharts.com
yesterday we tried to get through 600, but fell back. Today the MSH went back, closing to push against the resistance line of 600.
I just don't see the impetus to push the MSH through this resistance. Maybe a 1/2 point rate cut on Tuesday, that might do it. Or if there is a large cap tech about to release an advisory of "higher than expected" earnings, I can't think of which one it will be. INTC has already stated that their earnings will be better than expected. Maybe next will be HWP? I don't know.
Last time the fed met, one member of the panel voted not to leave rates alone. That member could very well have wanted to raise.
I personally never found where AG sent such an "obvious" signal that a rate cut could be taken to the bank. I saw him say that the US economy will feel further pressure from the Asian contagion. I didn't necessarily see that as a guarantee that he's ready to administer a pill. Does AG really want to be responsible for fueling a return to July's highs so soon? Dangerous stuff, this rate cut business. OTOH, maybe by the time the 1/4 pt cut comes, the corporate earnings are so bleak that nobody in their right mind would buy the market back to July's highs.
Yahoo's market cap is a virtual dead-heat with AMR Corp, at $11.33b to 11.48b, respectively. Yahoo's corporate street address?: 3420 Central Expressway, 2nd Floor. If you have to add "2nd Floor" to your corporate address, you shouldn't have a market cap of $11.33 billion. Maybe I'm myopic. |
