EMLX and EXTR. Its 3:32 and yes there were a lot of triggers, the question is now what if anything do we hold for tomorrow. I still have QLGC and MSFT calls from Friday. Also have AEOS but will probably close that one.
Nice short-covering rally this afternoon -- tremendous bounce in the SOX and NWX. JNPR and RMBS rocking today.
Not to spoil a good day; but, just in case anyone missed it, here's a summary of Ashok Kumar's analyst report on INTC this morning. The assessment of the broader IT environment is especially grim. I'll be looking to short this rally when it reverts to the downtrend.
"It is clear that technology has entered a global recession,'' said Ashok Kumar, senior semiconductor analyst. "Much of the current IT spending weakness is due to a soft U.S. and global economy and sales will undoubtedly pick up again once the economy revives. Given the inventory position, we expect PCs to be the leading indicator of IT spending recovery. However, we do not believe that there will be a sustainable cyclical recovery until the second half of 2002. Second half 2001 will not be a period of economic recovery but a full-fledged recession, which should result in negative unit growth for the PC market in 2001, a first in its history.
"During the past year, AMD has slowly made headway against Intel with its powerful Athlon processor. Although AMD gained only a couple points of market share during that period, its gains are greater when measured in dollars, as Athlon sells for higher prices than AMD's older K6 processors. Athlon caught Intel at a weak point: the tail end of a product cycle. Intel tried to counter Athlon with its aging Pentium III design, but that chip barely made it to 1 GHz even as Athlon soared as high as 1.2 GHz. Intel brought out the faster Pentium 4 at the end of 2000, but that chip has been expensive and available in only limited quantities since then.''
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