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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (28672)	9/25/2001 10:58:17 AM
From: Jdaasoc	Read Replies (2) \| Respond to of 30051

What do you make of markets right now. We get a lot of news later this week. Unemployment, 2Q GDP and other come late in the week. Looking back at last 6+ days of trading, I don't see anymore than a short covering rally. I see still see major trouble in economy ahead including techs. Intel announced a division is being setup that will build chips for other companies today. Doesn't sound like Intel feels that they can sell everything they their fabs can manufacture. I remember about 10 years ago all the Japanese fabs getting into custom ASIC manufacturing with their excess capacity when DRAM prices collapsed back then. Meanwhile I got email from this outfit today. teamexcess.com Look at the number of Dell products being sold. I don't feel too comfortable about Dell prospects either. I see we revisiting last week's lows at the first sign of real recessionary news which is scheduled for later this week. I was patriotic long all last week as I had some short PUTs that were underwater and could have been assigned as stock but wasn't. I think that traders were thinking stocks are undervalued and being near 10% of bottom with all the economic information that is presently available. However, if it looks like recession will hit hard, we are easily going to retest 4 yr lows rather than 3 yr lows real soon. I will not be as patriotic in this situation since capital preservation will be my number 1 priority now that all the shock of being at war with terrorism is taken in account. john