Globes, Tel Aviv, Israel, Shlomi Cohen column [Globes, Tel Aviv, Israel]

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Globes, Tel Aviv, Israel, Shlomi Cohen column [Globes, Tel Aviv, Israel], The first week of "terrible October" ended on a handsome rise. As far as Wall Street traders are concerned, it wasn't another regular week of trading, but a highly dramatic week in the war now being waged between short positions and long positions over the market's fate until the end of the year. At the start of the second week of October, the longs have the upper hand.

Market technicians supplied the shorts with ammunition in the shape of the projection that if there is a downward breakthrough of the 1,100 points level in the S&P 500 Index, then the market will fall apart, because in their view, technically speaking, that level is the last line of defense, and it has not been breached in a downward direction since the crisis of 2008. Last Monday, in the course of the session, the shorts' wishes came true, and the line was broken through, but unfortunately for them there are investors who don't play by technical rules but according to p/e ratios, and they piled into stocks, so that the week ended with the index 5 percent above the famous line.

As storms rage in the market and in Middle Eastern diplomacy, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) has raised a gross $110 million in a secondary offering, including the overallotment options that the underwriters were quick to exercise immediately afterwards -- even through they had the usual 30-day exercise period, which would have given them chance to wait for Black September to pass.

I believe that this offering and general achievements by Israel's real Silicon Valley in Yokne'am -- where Mellanox (MLNX), Marvell Technology Group, EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH), Given Imaging Ltd., and other companies are based -- will strengthen the Israeli economy, and ensure the future of the protest generation that emerged this summer, more than any of the things under discussion by committees, whether in Jerusalem or in New York.

Tagged : Globes , Israel , Israel] , Shlomi Cohen column [Globes , Tel Aviv

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Globes, Israel, Israel], Shlomi Cohen column [Globes, Tel Aviv INDIANOFS Globes, Tel Aviv, Israel, Shlomi Cohen column [Globes, Tel Aviv, Israel] | INDIANOFS