Disclosure: Long QID for a swing.
Unlike the owner of this blog I am not a gambler and never ever hold positions into earnings. With that being said, I do feel that the tech earnings tonight will cause people to panic.
Seagate Tech: pre-announced already, I see hard drives going the way of the floppy disk.
Yahoo: I wholeheartedly agree with the thoughts of the Fly who so eloquantly voiced his opinion today on the company.
Intel: does anybody buy new computers these days? This company resembles the giant turtle of Hoan Kiem Lake.
IBM: the best of the bunch reporting today yet I still feel the stock has to blow out earnings in order to trade up, otherwise we will see a decline here too.
There is also resistance from the February highs which may pose a problem. Short term traders would be wise to avoid long exposure till we get a clearer picture, imo.
So that is my thesis. Maybe slaugher is too strong of a word but at the very least we will place some negative sentiment back in the forefront. short term at least.
3 comments:
You could be right. I'm tending to agree with you here.
However, if you are wrong, the missing volume of late from the nasdaq may suddenly appear to take it to new highs.
true, if i'm wrong and the naz breaks out, I'm out.
However, with the QID I believe there is less than 1 point of downside on a gap down and quick 2-3 points available short term on a negative sentiment change.
Good point! I have added to my position (QID).
I do not plan to hold YHOO through earnings, I thought the stock might show some serious momentum in anticipation of earnings. That, obviously did not happen, and I will sell my position a few minutes before the closing bell.
Great post!
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