Mark, I do not like the relatively tepid volume and the fact that despite our hitting new all times highs on the NAZ the new high list is barely expanding. I have a feeling that we are getting the usual January effect without the volume, and I can start and see some issues in which this rally is used for distribution. I agree that earning will not support these prices until early next year, IMHO, and thus these prices are about 6 months or so ahead of themselves. The Chips, as I have stated below have their own dynamics and should be (selectively) stronger, but if INTC does not make a new high within a week or two, I think that the whole sector could retrench for a while. That is when we should see some separation between the leaders of the next move up and the laggards. CYMI, while moving nicely today, if it were in the leadership should have by now breached 20', maybe it will catch up soon, but I have a nagging feeling in my stomach that it may not be this time.
Zeev
Zeev |
