Time for a little shameless self-promotion - after all this is a blog and I would like to generate some more traffic.
In our note looking ahead to today's market we pointed out how the QQQQ was making a nice base and we felt it was time to get back into tech stocks. I said, "This chart tells me that a strong base has been put in place and that we are ready to make a move to the long side. Tell your family and friends that you heard it here first - tech stocks are back in play." That call was spot on as the market has roared today, being led by the techs as well as the financials. I think we will continue to see the techs take over the market leadership. Financials are going to recover too, but their roads will likely be a bit more rocky.
And speaking of financials. Following the Bear, Stearn deal with JP Morgan, I had this to say, "This moves .... gives time for the market to stablilize and for confidence in Bear to be restored. Once that happens, new buyers for Bear will appear, or JPM will have to raise their bid dramatically....". Well, as you know today, JPM raised their price on Bear from $2 to $10 or 500% - I would call that dramatic.
If you like what you are hearing on this blog, please let me know, and for sure, please refer this site to your friends. Thanks for your readership.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment