Futures down tonight. Week before expiry is good time to burn call premiums with a pullback. However, overall market conditions make it hard for it to stay down for long. Last downturn lasted less then 2 weeks.
Tech spending is red hot due to July 1 new budgets going into place and tax laws RE expensing equipment kicking in. I feel that large cap tech firms, like Intel, stuffed channel for quarter end to make numbers. For example Synnex had over 100,000 Intel P4 CPU's in inventory with value in excess of $150M when I checked 7/3/03. That was a whopping number of CPU's and represents 2% of INTC quarterly sales just at 1 distributor for one class of products.
Now they have about 55,000 CPU in stock 5 days later. Things are selling fast based upon how harried salespeople are and slowness of their online ordering systems. Hopefully Intel had enough guts to push hard to make 2Q numbers and luckily not have things blow up in Q3 so far.
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