While it would normally be easy to dismiss this statement, the fact that he can move CAT 2 pts by naming it as his pick of the week proves it's validity. I'm sure he'll be doing everything he can to pump INTC and YHOO after earnings tonight.
He is finally getting his wish. he used to scream out this nonsense to the people who worked with him and anyone else that he knew that would listen. now he gets a wide audience and can really influence prices.
Understand your point, but NQ actually went lower the week of GOOG's last report. NQ bottomed a week after GOOG reported Q2
Hajimow. While you were developing your "feel" today about tech stocks "resistance to going up", did you also notice that they first showed resistance to going DOWN, hahahaha!
I don't know but I feel they are about to take off...and I hope I am correct as I did purchase (10) YHOO AUG 40 Calls @ .50 yesterday when the stock was around $36.61 I just looked about 15 minutes ago and see YAHOO was around $37.52 and those options are getting .65 and have been to .70 They are getting close to my range of closing out my options when they show a 35% profit ( my own personal take profit plan)..but I am going to ride these out until at least tomorrow because I just have a gut feeling that Yahoo is going to kick ass with some serious numbers....I mean, Cramer alone must be spending millions to advertise with them Good luck to you though if you do short the techs.
Yeah, should have explained better. I just see GOOG this Thursday as an end marker to this tech earnings stream from last week to this week. Typically, I would have sold short yesterday but the market tends to hold its prevailing trend through the tech-heavy earnings reports, up or down.
As a follow-up to my earlier posting of Jason Roney's chart. Jason poses the question "What happens on the first day of Greenspan's semi-annual testimony if the Nasdaq-100 makes a 15 day high on the day before? The Answer: "Since 1995, there were 5 occurances, and the NDX closed down 5 of 5 by an average of -1.36%. The most recent occurance was 2/16/05, FWIW."