>>>Perhaps mlsoft will be correct that an avalanche of warnings will finally be "the straw"....but is that priced in?>>>
I agree that MUCH of that is priced in here...the effects of earnings warnings tend to be much more muted here of late and I think thats ultimately a positive sign...recent past warnings of AMAT come to mind where we've rallied that day or the day after. I think there are simply too many shorts in many issues to hold this market down or for this market to crater...seems every dip is being bought up mostly by shorts covering thus serving to hold things up for the time being. Valuations in many issues are horrible...but take the semi's for example...it simply doesnt seem to matter...they rally on the least provocation and NVLS trades at a 195 p/e. Its really silly but it is what it is until it isn't. I think its going to take a cyclical bull within the context of a secular bear to wash out some of the high level of short interest before this market will go down...
i think as a whole, bulls and bears, most are unsure of where we are headed. i would say the bears have more conviction at this point, but that could change with a move above last weeks highs. of course when we were all bullish we would crap (ggg). take profits early and often until a trend develops. steve
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