Today, the catalyst in technology was the report that PC sales in the second quarter slowed. The PC sector feeds into the semiconductor sector, which feeds into other parts of technology.
More Quotes from Barry Hyman:
Technology has done well, not necessarily because of the crash, but because it has moved up the alert that the market's concentrating on a 2002 recovery. Rather than focusing on the earnings that are going to come out in the fourth quarter, people are looking forward rather than near-term.Barry Hyman
I think it's just more of the same. The Nasdaq is quickly approaching 5,000 and it's hard to divert money back to traditional stocks when the opportunities are so phenomenal in the new world economy.
Barry Hyman
The next three percent move for the SP could be up, and that would take us to important resistance levels. The question is what is the bias beyond that, what is the next five percent for the market That's not clear.
Barry Hyman
Don't expect 86 percent this year on the tech stocks, ... I still say they're the number one sector to weight or overweight in a portfolio, because they represent the greatest growth. Your companies at 8-to-10 percent are languishing. Companies with earnings, who cares. It's a 100 times earnings. It's 30 percent growth that matters in this market.
Barry Hyman
You can pick you poison today from anywhere. The earnings concern and lack of guidance for 2006 concerns tech players. But the story goes beyond that to energy pricing, which is still a 2005 perspective. Once again, energy is the leading sector. As long as energy prices remain high the market should suffer.
Barry Hyman
The election is really undecided, and I think that keeps the market locked in a range right now. Day to day this week, I think people need to watch the price of energy and see how Wall Street is looking to position itself for after the election.
Barry Hyman
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