Divergence Continues, Traders Lay Low
Major reporting errors, job cuts and a continuous stream of poor earnings has the tech
sector in a tizzy this Friday morning, while defensive stocks remained firm. Not even Fed
Chairman Alan Greenspan’s pro-tax cut remarks yesterday (did anyone hear him say one
thing about their plans for rates?) were enough to produce enthusiasm in Nasdaq issues.
Instead, they resulted in a bit of profit-taking and a slight increase in the overall
percentage of call buying .
Options players’ response this morning is to remain calm and await further
developments—