We would characterize today's rally in the tech sector as an oversold bounce.
Perhaps it's a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come.
I'm going to be especially interested if the stock can sustain any upside moves behind the earnings report that is expected to be very good.
The comments from the Gore campaign this afternoon accelerated the selling.
There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that's a soft landing, which is generally good for stocks.
There's a possibility that we may have a very volatile market a very choppy market over the next few weeks. The evidence is growing that the rally (of late April) was just an oversold bounce.
These earnings estimates are falling in some cases in as fast as the (stock) prices.
Perhaps as the year unfolds, you are going to see repeat (earnings) disappointments.
We're still going to get some stray previews. I am much more confident the disappointments will be punished than good earnings will be rewarded.
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