Friday, July 16, 2004
Middle of July - where's the rally
:) So much for the rally i predicted. Since june 12th, when i wrote up that blog entry about a summer rally tech heavy nasdaq is down to 1883.15 from 1970.
Listening to the earnings calls though, a lot of my earlier thoughts were validated. There's been way too much optimism about the market. The process of "back to reality" is still happening and the earnings season is an important part of learning where various companies are with milestones.
Net/Net, i have heard very little bad news (only Nokia), and i have heard a lot of good news. It's just that the news wasn't good enough to lift the market up.
As the earnings season washes through, it is to be expected that this see-saw action will continue. However, all this will be a good base for the rally (yes it's still going to happen :) till the end of august... i think.
Here's the current prices of my 3 recent purchases
CSCO - 21.50 (down about 1.75)
NTAP - 17.07 (down about 2.00)
SEAC - 14.92 (down about 0.20)
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