DELL delivers, even though we won't get guidance. That is pushing QQQQ above 44.50 resistance after hours and could set us up for 61.8% projection October at 44.80, or NQ 1830 if it holds overnight. Next resistance for COMP above 2456 is 2475. That's the good news. INTC is not very happy though, stock is down 2.5% and could provide a mixed picture. Nevertheless, it's pretty simple these days for traders, buy any dip in techs. Just take it day by day as there are reasons to remain cautious short term.
The SOX was weak today as was banking, with the BIX hitting its 50 DMA. Will financials be the canary in the mine? Time will tell. To say that NDX/COMP/QQQQ/SPX/DOW are getting cheerfully overextended above respective 10 day moving averages is an understatement.
Oil is an ignored problem right now, but if 60 sticks after inventories tomorrow, it could come back to haunt stocks next week.
The VIX closed at 9.90, a finish below 10 for the first time since December 1993 (what is now VXO, which also closed at the lowest level since 1993). The S&P corrected 10% three weeks later from a higher level (January 1994). Equity pc ratio is rising off multi-month lows (actually the lowest reading of the year) set on Friday and could give a bearish signal if it continues tomorrow. It all sounds repetitive, I know, but investors wanting to buy into this market should wait for a pullback. It's just not worth the potential headache. Traders is another story. The fun continues, sell the open and buy the close. Just be aware of the consumer sentiment numbers coming out tomorrow. DELL is an oversold stock for the year. That is not the case of every other tech stock out there.
SAN FRANCISCO (MarketWatch) -- Dell Inc. reported a third-fiscal-quarter profit Tuesday that was up almost 12% from a year ago.
Dell, however, called the results preliminary and subject to change as it faces an ongoing probe by federal securities regulators into its accounting practices. Gross margins as a percentage of revenue climbed to 17% from 16.2% a year ago. Revenue rose 3.5% to $14.38 billion, up from $13.91 billion but slightly lower than the $14.44 billion expected by analysts.
The SOX was weak today as was banking, with the BIX hitting its 50 DMA. Will financials be the canary in the mine? Time will tell. To say that NDX/COMP/QQQQ/SPX/DOW are getting cheerfully overextended above respective 10 day moving averages is an understatement.
Oil is an ignored problem right now, but if 60 sticks after inventories tomorrow, it could come back to haunt stocks next week.
The VIX closed at 9.90, a finish below 10 for the first time since December 1993 (what is now VXO, which also closed at the lowest level since 1993). The S&P corrected 10% three weeks later from a higher level (January 1994). Equity pc ratio is rising off multi-month lows (actually the lowest reading of the year) set on Friday and could give a bearish signal if it continues tomorrow. It all sounds repetitive, I know, but investors wanting to buy into this market should wait for a pullback. It's just not worth the potential headache. Traders is another story. The fun continues, sell the open and buy the close. Just be aware of the consumer sentiment numbers coming out tomorrow. DELL is an oversold stock for the year. That is not the case of every other tech stock out there.
SAN FRANCISCO (MarketWatch) -- Dell Inc. reported a third-fiscal-quarter profit Tuesday that was up almost 12% from a year ago.
Dell, however, called the results preliminary and subject to change as it faces an ongoing probe by federal securities regulators into its accounting practices. Gross margins as a percentage of revenue climbed to 17% from 16.2% a year ago. Revenue rose 3.5% to $14.38 billion, up from $13.91 billion but slightly lower than the $14.44 billion expected by analysts.
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