Definitely agreed. The problem of course is that fundamental analysis of a stock has become worthless in the sector for the time being. Rumor, innuendo, specific event causing stock pops, charting, etc take control in that environment -- A pure traders paradise.
At some point, I hope, fundamentals will matter again... But it is hard to defend a company that keeps investing in its business when it is at a P/E of 2 instead of buying back stock. It simply shows a lack of respect for those same fundamentals from the side of company management and feeds doubt about the reported-financials being hogwash.
-Fernando
