We should know a little more Tuesday (the AMAT report) whether or not the recent action will be buy the news or just sell, sell, good news or bad, period - situation. The question is, was the intermediate term run up justified, or the shorter term sell off. I would suspect that if the selling continues Monday and Tuesday, even if lightly, that it/they (AMAT/sector) will be bid up...at least for the remainder of the week.
Then later in the week on the 14th, we'll hear from DELL with their report and outlook also...
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