Don, did you catch steve towbin of lehman bros. on cnbc? this is an analyst i have tremendous respect for. he said that we must watch the 1260 level on the spx. if breached to the downside, he reckons a major correction will be upon us. he also said that bullish sentiment is not yet at the extremes usually seen at tops,so we may still go higher before that happens.nonetheless,he expects a correction fairly soon.this is one guy who's right more often than not.and i noted that what he said sounded very much like what you posted earlier today,regarding short term expectations. so you're in very good company. btw, IBM came in with 1,55c. vs. consensus of 1,41c., a very good report. GNET and CNET also blew away their estimates (0,07 vs.0,02 and 0,09 vs.0,03), so the recent trend of positive earnings surprises continues(CPQ excepted)apace. it'll be another shot in the arm for the market tomorrow. and we know now why the market went to new highs in the first place.
regards,
hb |
