Market Comment
I was out resting on the couch listening to CNBC for awhile, and everyone had the same theme: Its still a bull market, but, by the way, nothing is moving except for those stocks taking an earnings beating. Volume is light actross the board, nothing is at the day high, and if DELL was going to blow estimates away, or just meet them, you think it would have moved above 93 by now.
I think everyone wants the market to keep going up, but I also don't see anyone risking much money that it will. Its not that anything is in terrible shape, or that any other economic influence, foreign or domestic, is pressuring it. I think folks are looking for a reason to bail, but not for a reason to reenter. Look at MO -it took a $50 million judgement and the stock dropped 6 points - that drop was worth $15 billion!
But other than high valuations, there isn't any good reason for the market to go down than there is to go up. So maybe thats what we will do for a month or so, go horizontal while individual stocks get 'corrected' and then resume on up.
No matter what happens with Dell's numbers after close, I think there is going to be some real hesitancy to take any major move. Everyone is afraid of being wrong, and nobody has been right lately.
lastshadow
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