As the market meandered in consolidation mode in the ‘red’ all morning (SPX -5pts at noon),the ‘missing link’ noted here was outperforming with JNPR (networking) and FFIV (best on SP 500 tech) were coming out of the doldrums and leading the way. As the day progressed more and more past leaders joined and a broad market move higher ensued. The hope is this the beginning of what has been discussed here this week in respect to Japan tech worries being overblown and close to being priced in. JBL’s report negated some of the fears for EMS, Comm.equip, optical stocks and late in the afternoon TXN’s CEO said the company would come close hitting street estimates despite Japan. AMC, RHT and MU put in strong reports to help the cause and an important day is ahead in earnings tomorrow with ORCL,BBY, RIMM. Note today’s action took place amid a bunch of negative bits that the market shook off.
Shadowlist