Just some quick thoughts on what started out as a brutal morning, but is "coming back" a little thanks to the Fed's must-do move minutes ago:
I heard from many of you over the weekend, and the tone was a little surprising. Seems with tech, a lot of you are looking for opportunities. And the pro investors among you will be in a shopping kind of "buy-low" mood.
The equity sell-off is tremendously magnified in tech this morning: the bigger they are, the harder they're falling. It seems we're looking at 10 percent moves to the downside at best; double that at worst. Apple was down as much as $18 a share; Google $36 a share, after sharp declines last week.
Over the weekend, almost everyone I spoke to said they'd wait to see the carnage from today -- into tomorrow, and then start selectively getting back in. In other words, this isn't capitulation in tech shares; it'll be bargain-hunting once the panic passes by. I thought that was interesting. An optimistic tune certainly worth mentioning today.
The most likely bounce-backs: those tech leaders with large cash on the balance sheet, no debt, and top names in the sector. Apple's earnings today will be key. Same with Texas Instruments.Intel,Cisco,Microsoft and Hewlett-Packard also came up a lot as the first ones to see share-price recovery.
