Despite what looked to be broad based negativity today, the market showed some slight signs of strength deep within. The semiconductors finished green despite the poor report and beating that Intel took throughout the day. Networkers showed precarious strength and the small cap sector in general finished positive on the day. Volume was heavy and breadth was very poor, definitely not good signs of a healthy market, but we just can’t shake the feeling that deep within there seems to be a bull starting to snort.

After the market, EBAY and APPL both were hammered after good earnings reports, but weak guidance. On the other hand, AMD seemed to have the cure after announcing knock out numbers and seeing their shares bid up soundly. Reports like this lend support to the thesis that bad news may be company specific and not industry wide. We put some money to work in select favorites today but continue to wait and watch how things play out. We have those lists ready, but won’t let the cash burn a hole in the pocket.

Have a good evening.