Oct 22, 2004

This resting makes me sleepy

Market is taking a break today. The most noticeable action is in GOOG (Google) but I think the run up there is unplayable. Perhaps better opportunity exists by noticing the bounce in cyclicals after CAT (caterpillar) took an old school beating yesterday. CAT probably needs some more consolidating to fix that damage but the bottom in DE (John Deere) looks more attractive.

That the news in MSFT (Microsoft) and AMZN (AMAZON) is being contained to only those names is impressive. It should have been easy for the market to give back a chunk of yesterday's gains. The good news in KLAC (KLA Tencor) is also being ignored as the semis retest 400. AMAT (Applied Materials) seems particularly heavy.

Today sideways wandering is nearly the opposite of yesterday's broad intraday swings.

No comments:

Post a Comment