Dow Jones 10610 +5
Nasdaq 2641 +116
S&P 500 1327 +14
Nasdaq surged more than 4%, as the belief that much of the negative news about profit growth has been factored into the sector technology got popular among investors…. reminding our Cookie (as he asked
) that ever since last August this is the first time the good old Nasdaq registers a 3-day winning streak…in late August Nasdaq had a 5-session winning streak and forgot about winning on 3 consecutive trade days ever since...so a good question could be if this is also going to end up in a 5-day winning streak..wouldn’t we all like that?
It looks like investors are becoming less hesitating in dipping their toes into the technology group…getting over bad news very quickly and isolating negative news…
A warning by Internet leader Yahoo! that its earnings for 2001 will fall short of expectations pressured tech stocks early, but investors quickly shrugged off the news…
Some analysts see this as becoming a pattern…
John Forelli, senior vice president and portfolio manager at Independence Investment Associates said, "We're starting to see a pattern here of tech investors already having braced themselves for the bad news and the market strengthening as the day goes on…"
"You're getting a lot of positive sentiment in the market and a lot of rotational shifting toward growth," said Barry Hyman, chief market strategist with Weatherly Securities. "It doesn't say that earnings are going to be better but it does lead one to believe that a lot of the bad news may already be built in."
Analysts who were scared of pickking bottoms because they didn’t believe they could hold started talking about directions this time…
“This is the third 'up' day in a row and that's showing a direction. People are getting a little bit nervous …” said the same Hyman….
Investors who used to be scared to be caught out seem to be nervous about missing the upside this time…
Those techs who used to be causing Nasdaq to go down and down were lending Nasdaq big support today: Dell Computer up +7%; Sun Micro up +9.9%; JDS Uniphase up 5.5%; and Microsoft up 4.0%...
With a positive market breadth, more than 2.8 billion shares changed hands on the Nasdaq as winners topped losers 2,753 to 1,159…
As quarterly results continue to be reported, some analysts said they believe the reports should provide a catalyst for stocks to move higher…see how those reports which used to be investors nightmares are interpreted now…
"It appears as though Yahoo! is Yahoo!, but I think the rest of the market will edge higher….I don't think there are as many nightmares out there and I also think the bar has been lowered enough that the earnings estimates are achievable…" said Art Hogan, chief market analyst with Jefferies & Co., adding that the reports should provide a catalyst for stocks to move higher…
There were also talks of the market being very content to stay in its 6- to 8-week range…rallying as it hits the bottom of the range and coming off as it approaches the top…that’s exactly another way of putting “bounces up and down (see my earlier posts)”…
So keep picking or holding your quality tech stocks as I keep saying…
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Nasdaq 2641 +116
S&P 500 1327 +14
Nasdaq surged more than 4%, as the belief that much of the negative news about profit growth has been factored into the sector technology got popular among investors…. reminding our Cookie (as he asked
) that ever since last August this is the first time the good old Nasdaq registers a 3-day winning streak…in late August Nasdaq had a 5-session winning streak and forgot about winning on 3 consecutive trade days ever since...so a good question could be if this is also going to end up in a 5-day winning streak..wouldn’t we all like that?It looks like investors are becoming less hesitating in dipping their toes into the technology group…getting over bad news very quickly and isolating negative news…
A warning by Internet leader Yahoo! that its earnings for 2001 will fall short of expectations pressured tech stocks early, but investors quickly shrugged off the news…
Some analysts see this as becoming a pattern…
John Forelli, senior vice president and portfolio manager at Independence Investment Associates said, "We're starting to see a pattern here of tech investors already having braced themselves for the bad news and the market strengthening as the day goes on…"
"You're getting a lot of positive sentiment in the market and a lot of rotational shifting toward growth," said Barry Hyman, chief market strategist with Weatherly Securities. "It doesn't say that earnings are going to be better but it does lead one to believe that a lot of the bad news may already be built in."
Analysts who were scared of pickking bottoms because they didn’t believe they could hold started talking about directions this time…
“This is the third 'up' day in a row and that's showing a direction. People are getting a little bit nervous …” said the same Hyman….
Investors who used to be scared to be caught out seem to be nervous about missing the upside this time…
Those techs who used to be causing Nasdaq to go down and down were lending Nasdaq big support today: Dell Computer up +7%; Sun Micro up +9.9%; JDS Uniphase up 5.5%; and Microsoft up 4.0%...
With a positive market breadth, more than 2.8 billion shares changed hands on the Nasdaq as winners topped losers 2,753 to 1,159…
As quarterly results continue to be reported, some analysts said they believe the reports should provide a catalyst for stocks to move higher…see how those reports which used to be investors nightmares are interpreted now…
"It appears as though Yahoo! is Yahoo!, but I think the rest of the market will edge higher….I don't think there are as many nightmares out there and I also think the bar has been lowered enough that the earnings estimates are achievable…" said Art Hogan, chief market analyst with Jefferies & Co., adding that the reports should provide a catalyst for stocks to move higher…
There were also talks of the market being very content to stay in its 6- to 8-week range…rallying as it hits the bottom of the range and coming off as it approaches the top…that’s exactly another way of putting “bounces up and down (see my earlier posts)”…
So keep picking or holding your quality tech stocks as I keep saying…
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