Not a good day at all. Oil will not give us a break and there is no way the markets can climb on this.
BCRX was the only success of the day although none of our picks went down. As I said, stay in cash and let’s wait to see how things shake out.
Tomorrow is shaping up to be another disaster with INTC disappointing by a lot, and YHOO turning into a major let-down which will devastate web tech tomorrow.
IBM’s earnings were up 13% on 12% lower revenues than expected. I don’t have a big problem with that but I imagine the markets will.
As I said earlier, I still consider Yahoo a buy, earning were still up 36%, just not as much as expected but I think that kind of growth justifies the p/e of 30 this stock will drop to.
