When you combine the fear and the loathing of tech with the lowered expectations set by the analysts, you get a real cushion going. And that's what I saw with Oracle and Adobe tonight, two trashed stocks that could have some lift when they gave you a decent -- not great, but decent -- outlook.
Seasonality can't save everything, as I said on tonight's show. But numbers have really come down for lots of tech companies, so it is one of those "if you just show up" moments, and you can do OK.
This is very important for this market right now, because we need leadership that can withstand Europe, and tech can do that. We know we have the foods and the beverages and the health cares to some extent. We have the utilities for certain.
But we haven't got and will not get the banks, and that late-day collapse in the cyclicals shows you how vulnerable the group is.
That's why tech is the fulcrum here. If we get more bounce off of Adobe, Oracle and Microsoft off the big dividend boost, then we know that this group can be "go to" on European weakness, perhaps through year-end.
Seasonality can't save everything, as I said on tonight's show. But numbers have really come down for lots of tech companies, so it is one of those "if you just show up" moments, and you can do OK.
This is very important for this market right now, because we need leadership that can withstand Europe, and tech can do that. We know we have the foods and the beverages and the health cares to some extent. We have the utilities for certain.
But we haven't got and will not get the banks, and that late-day collapse in the cyclicals shows you how vulnerable the group is.
That's why tech is the fulcrum here. If we get more bounce off of Adobe, Oracle and Microsoft off the big dividend boost, then we know that this group can be "go to" on European weakness, perhaps through year-end.
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