Chips aren't just commodities, and it's going to take a lot more than deflation-relief to get the semiconductor industry over the problems created by Moore's Law.
Reflationary impulses are taking hold, reducing risk aversion and brightening prospects for continued recovery. But is the news good enough for US equities?
Investors are insisting that options expense be included in income statements -- but they'll be shocked when they learn how big these expenses really are.
David Gitlitz doesn't agree that equity valuations got too high in the late 1990s -- but he and Luskin both think they're too high now.
The best reasons for the current era of high equity valuations aren't very good.
Cannon to the right of them, cannon to the left of them -- Cisco's report won't be enough to save tech's earnings season.
Tech stocks may be overpriced relative to earnings forecasts. But for the S&P 500, the earnings forecasts themselves are overblown.
The dollar is in a positive transition from excessive scarcity to a strong -- but non-deflationary -- position.
The growth dream is over at AOL. And the rest of the tech sector may be starting to wake up to reality, too.
The economy still can't generate the earnings recovery that techstocks need. But it's time to take some more profits off the table.