Tuesday, January 16, 2007

Thoughts on the day -- Jan. 16, 2007

The NASDAQ bulls took a breath today, and the market was choppy and directionless overall. A lot of stocks on my list were traded in narrow range after their openning movment with little conviction or momentum.

INTC released its earning report in AH, with most numbers beating the estimates, except the gross margin. But the market chose to focus on the negative and INTC lost 4% in steady decline. I am very interested in how the market, particularly NASDAQ, reacts to INTC's earning report tomorrow. As I mentioned in my weekly assessment, I think the performance of major tech names during this earning season will siginficantly affect the direction of NASDAQ/market for the next 1-3 months.

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