Eile peale börsipäeva avaldas Adobe Systems (ADBE) kvartalitulemused, mis ületasid ootusi ja tõsteti ka aasta prognoose, täna hommikul kergitas Smith Barney Citigroup ettevõtte reitingut, aktsia eelturul +8,85%.
Samuti avaldas eile peale börsipäeva kvartalitulemuse Nike (NKE), soliidsed kasvunumbrid +57% kasumi ja +21% käibe osas vastasid siiski suures osas ootustele ja lühiajaline ralli järelturul lõppes hoopis allamüügiga, ka täna eelturul aktsia -0,31%.
Schwab Soundview tõstis täna hommikul Lucent (LU) reitingu outperform ja hinnasihiks on $5, aktsia eelturul +2,48%. Bear Stearns tõstis Bank of America (BAC) reitingu outperform tasemele.
Gary B. Smith:
Cody Willard Rev Shark asemel:
"Well, I look out my window
What do you think I see?
Thousands of people
Staring back at me.
And it's strange
You've got to pick up every stitch.
Must be the season of the witch."
-- Hole, "Season of the Witch"
For the first time in a year, this market has been doling out pain to the bulls. And for the first time in a very long time, we just might have a directionless, difficult market.
For three long years, you could short just about any stock and you'd have made good money. Then for the past year, you just needed to be long, and you'd have made great money. Suddenly, things aren't so easy. Tech and small-caps have all given back a lot of ground and now seem to just bumble about recklessly.
The good news for the bulls, as Jim Cramer pointed out the other day, is that the bears have quickly gotten back in the game. In fact, after losing their shirts for the past year, most are now sitting on some near-term profits. They're growling and willing to get aggressive. The market's rally over the past year would've been much more steady and subdued were it not for the fireworks from the squeezing of these shorts. As long as the shorts are still in the game, there's potential for quick spikes.
On the other hand, the good news for the bears is that complacency still runs rampant. Sure, the Chartcraft.com Investors Intelligence survey is back down to reasonable levels. (It's not like the survey's huge majority of bulls stopped the most recent 20% market move anyway.) Also, a lot of mo-mo money has lost a lot of capital lately. The VIX has been climbing again, too. Heck, there's even been a resurgence of margin calls.
But I just don't see any capitulation. My emails and phone calls with other traders are all about when -- not if -- this market should be bought, and I'm certainly not hearing "Let me out of here!" I'm not seeing a lot of panic from the bulls, especially in the downtrodden telecom sector, and that's strange.
It's triple-witching day, and that, along with the hunt for al Qaeda in Pakistan, will likely drive these markets today. I'll be back with more soon.
Futuurid: S&P500 -0,07% , Nasdaq -0,07%