If Earnings didn't matter for Intel and a zillion other techs - it's foolish to think they will matter for KLIC.

Stock is now down 36% from September and has the look and the makings of something that won't stop anywhere between here (4.43) and 2.00. I really don't know what it's value is if no one wants to buy it or own it. I don't even know how to handle the disconnect between how well they - and the industry - are doing and how poorly the stocks are doing. That's why I sold at $6.00. It took me almost the whole day to sell just a few thousand shares without dropping the price precipitously.

There is nothing wrong with the company fundamentally. It's going to report one of the best quarters in its history. There is no investment DEMAND for it. They could be printing gold bars and giving them out for free, but if there's no takers there's no takers. It's maddening.

Here's how I see it: because it's doing so well and hitting on all cylinders, the market is saying I better dump it quick because man, "what a dog". And in March when it looked like it might go out of business (remember the BK rumor?) it was time to buy it because it looked so good. People who act like this in real life are consigned to schizophrenia units at mental hospitals. We are being asked to buy the hope and spit on the proof.

Right now tech stocks are getting slammed for no other reason than that they are "supposed" to go down. If meeting, beating and raising guidance means your stock is destined to sink to the March lows, then this is the market for you. People who are wondering if a "correction" might begin anytime soon need only look to tech, homebuilders, and banks who are down 25-35%. Unless your name was Goldman Sachs or Apple Computer, most likely your stock has been in a bear market for 6 weeks.

The last time I remember insanity like this was earnings season in July, 1996. Microsoft reported one of the best Qs ever - was launching Windows 95- and virtually every stock sold off relentlessly for about 400 Dow points. Micrsoft loss 4 points on that day.

Two months later the market began to rally based on the actual numbers and didnt look back for two years. Bespoke says that this was the best quarter (Q3'2009) for beating expectations in a decade; followed by the worst reaction to those earnings in a decade. The average response to tech earnings? -1% for every stock that reports. It's almost foreordained that you get slammed just cuz you're in a business that's publicly-traded. Seems incredibly manipulated to me.