MU's earnings, and the semiconductor book-to-bill (December 11?).
You said that "the key is MU's earnings," that is what I would like to expect as well, but I honestly thought that "the key" would be Intel, Microsoft, and other PC makers' earnings which came October/November, then, I thought "the key" would be the semiconductor book-to-bill for October. All of "the keys" pointed to a very healthy computer industry, and "the keys" worked for a short while. After the EPSs came out so great, I thought the correction (or bear market) would be over for at least the next few months (it turned out to be only a couple of weeks), then the B-t-B came in so positive, and the semis went up again for a few days. Each time, however, they go back down...hard. The bad news keeps coming, and overshadows the good news. Also, on good news they go up only a little, and on bad news they go down alot.
Back in early July, I remember hearing some analyst on CNBC saying that you can always tell how the market is because "In bull markets, the good news is interpreted as great, and the bad news is ignored. In bear markets, the good news is ignored, and the bad news is interpreted as terrible." From this view, we are definately in a bear market (for semis). |
