Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (4391)	10/27/2001 3:13:02 PM
From: stockman_scott	Read Replies (1) \| Respond to of 13815

General Commentary Updated: 26-Oct-01 We've been skeptical of the post-attack advance, but a couple more days like yesterday and Briefing.com may have to rethink that position... Techs, like rest of market, opened Thursday's session broadly lower amid renewed anxiety over the economy... Concerns fuelled by lousy Durable Goods and Initial Claims reports... However, the bleeding stopped by late morning, and from there it was up, up and away. Given that we could find no news story behind the afternoon rally, would appear that gains merely reflect growing conviction on part of traders that sector has bottomed, and that better times are ahead... There's been anecdotal evidence of such in recent days, what with analysts noting a pick up in demand at Cisco (CSCO) and Extreme (EXTR), but nothing concrete. We've noted on several occasions during past couple of months that badly burned tech investors are unlikely to return (aggressively) to long-side until there is consistent and convincing evidence that bottom is in place... Considering that we've yet to see such evidence, Briefing.com wouldn't be rushing to commit new money to the sector at this point -- especially not since the Nasdaq is just now bumping up against important resistance in the 1775-1805 area. Index would have to make significant headway above the 1805 barrier - which isn't far off - before advance will be seen as anything more than corrective in nature... Given the softening economy and uncertain earnings picture we still think Nasdaq will run out of gas near this ceiling... However, we admit that yesterday's strong turnaround has us beginning to question this call. Robert Walberg Briefing.com