It's going to be push-pull this week, ... Will earnings be strong and drive the Dow to 12,000, or will higher rates work to push the Dow lower?
It is just an affirmation that the Nasdaq represents the growth sector of the investment universe. That is where much money is being put to work the last month.
I do believe an investor shouldn't change their philosophy just because it's post-Fed, ... I think the aggressive, more short term oriented philosophy that has worked the first seven months of the year will still be the philosophy until that strategy is proven to be wrong.
This is a continuation of last week's decline and it's picking up in intensity. There is little rotation as we see the commodity complexes taking a huge hit. It looks worse than it actually is, but still it will require a lot of work technically to right the damage.
I think this last quarter proves out that their business model works versus Gateway, versus Compaq, versus other PC box makers,