..in techs hands to continue..

Clearly, Tech is showing relative strength and leading the way as the next leg in the recovery from 1250SPX. The DJIM premise entering the week,…”we are watching for corporate earnings to better the situation for high beta/ tech anxieties to possibly dampen the negative sentiment.  This is likely to be the focus and most important factor in continuing this reversal”.   The dominos have fallen in sync to what has been cited this week..”we need to see some comforting tech words ahead this week so investors see value oppy' here next.  Simply, this where we'd look now for a long trade to materialize.” (pre-Tuesday trade).  JBL initiating the better sentiment followed by RHT,MU and tonight ORCL/ACN paving the way as the Japan overhang has began to recede.  Also, as noted yesterday market shrugs off negative newsflow once again today, always a good sign.

Shadowlist

• Momentum/ earnings/ winners of ’10 -  Cited the the damage from SANM, naturally JBL report has reversed this as Opticals had a 2^nd good day as FNSR, JDSU  +5% days on the heels of IPGP  big day yesterday. Although, previous days leaders APKT RVBD  etc lagged today, others momo’ likes CRM VMW  and even '11 momo' NVDA took over with ~6% gains.  Simply, the earnings and what management is saying on the little material impact it sees in regards to Japan tech worries is causing collateral bids in tech linked names.