BTRSTN
Just when you
thought that, perhaps — just perhaps — somehow,
someday, you actually might see a market that’s already priced in a rate
cut actually do what it’s supposed to do, namely confound the majority and rise
on the fully-discounted news.
Buy the rumor, sell the news.
Or sell the rumor, buy the news.
Either sequence has become so expected
in the aftermath of a Fed confab — it’s amazing that some sort of reverse spin
hasn’t taken hold.
Ahhh, but not Wednesday.
Which
is probably good news in and of itself, seeing as how the Naz bulled up 28% in
the three weeks ended a week ago.
And
as said Tuesday, it’s healthier for the market to do some backing-and-filling,
and not return to the let’s-plug-the-Les-Paul-in-and-crank-the-amp-up-to-10
groove.
For
heavy rock and roll would not be desirable at this point in light of the
still-high level of bullish sentiment (read: the elevated II reading of bullish
advisors and the low put/call ratio nos).
No,
what this market needs is time.
If
most of the bells and glamours were disappointments Wednesday, at least there
were isolated positives.
The
retailers for one.
The
semis for another, idling, Applied’s
(
AMAT |
Quote |
Chart |
News |
PowerRating) warning, notwithstanding.
Among
the names, Amdocs
(
DOX |
Quote |
Chart |
News |
PowerRating) is in a two-week triangle, and a mature one.
Cytyc
(
CYTC |
Quote |
Chart |
News |
PowerRating) is perched a few yards below the top of its six-month base.
HNC
Software
(
HNCS |
Quote |
Chart |
News |
PowerRating) became the latest breakout to fail, though it did manage to
find support at the lip, where it went out.
FleetBoston
(
FBF |
Quote |
Chart |
News |
PowerRating) sets up.