I agree with you on many points, though the 'mysterious' overnight futures gains have almost always been as a result of news, however it may have been spun, being released during the AH session in NA. On just one or two occasions, news in Europe, which does also have a telecoms/IT presence, has caused a large rise in the European stock markets, pushing the mini-Naz higher.....Vodafone and France Telecom have both done this in recent weeks, albeit for different reasons.
For myself, I know that the worst thing to do is to become inflexible about my view of things. The economy is without doubt in a whole world of pain, and future guidance, both from consumer sentiment and the honester companies is unclear, at a time when valuations on some sectors of the stock market has become outrageous.
Back to shorting again then.