Profit up 39%, sales jump 56% at Applied Materials Link
AMAT delivers after-hours, confirming the bullish tone of the SOX today and reinforcing my feeling that the place to be going forward is tech, should interest rates not go up and oil keep heading down or stabilizing (see my post Wednesday August 9th). We have a very dangerous and potentially disruptive piece of data pre-open with the CPI numbers, but anything in line or below will keep the rally alive. QQQQ is approaching an area of call resistance, but if shorts need to cover some more, we could approach the July gap at 38.64. Of course, an inflationary CPI number will end this rally rather quickly. Watch gold futures (October contract) and the 626 level of support (chart). A break above 642 would signal that inflation fears are back and a loss of 626 support would reinforce today's mild PPI core reading. We are currently resting at 38.2% May/June (629.20).
This entry was posted
on Tuesday, August 15, 2006 at 6:06 PM.
