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  • Rev Shark:

    New Leaders Could Buoy Stocks
    1/19/2006 9:06 AM EST

    "There is nothing more exhilarating than to be shot at without result."

    -- Winston Churchill

    Disappointing earnings reports from Intel, Yahoo!, eBay and Apple, a big pullback in the Nikkei, an overbought market and a sudden resurgence of crude oil prices looked like it was going to put some major hurt on the bulls. Big-cap technology stocks stumbled yesterday on big volume but under the surface things weren't as bad as the Nasdaq indicated. Buyers were nibbling away at lower-profile stocks. The panic selling that many anticipated never really developed.

    This morning things don't look quite as bad. eBay and Apple are off the lows they hit last night. AMD issued a strong report and that explains why Intel may be having troubles. Several other earnings reports, such as LRCX and STX, look pretty good as well. Europe and Asia are bouncing back strongly, with the Nikkei up 2.3%. Weekly unemployment numbers just hit and are at the lowest point in six years.

    The market has at least temporarily dodged a bullet. That is exhilarating and likely to lead to more confident bulls and some buying. If the likes of Intel and Yahoo! and Apple can't kill this market, what can?

    It is important to understand that the real leadership in the market doesn't necessarily come from the giants like Intel; just because they are big doesn't mean they are that significant. Microsoft is a great example of this. It has a huge percentage weighting of the indices but as an indictor of market health, it has little significance.

    The market is in good shape for at least a bounce here and if the weakness the last couple of days caused enough people to reposition themselves more conservatively or even bearishly, we have the potential for a pretty good move. I'll be looking at deploying more capital and expect to be fairly aggressive. Earnings season is just starting and I believe some of the new leading stocks will make us forget the likes of eBay and Intel.

    We have a solid open on the way. Get ready to rumble.

    Position: No positions in stocks mentioned

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