Nasdaq couldn't sustain earlier gains and ended the day down -23 at 2880..despite nearly hitting 3000 at the early hours of trading..Dow Jones however ended the day up +75 at 10546..
Non-friendly comments from Wall Street analysts caused investors avoiding techs..
Chip stocks, networking, fiber-optic and business-to-business shares held Nasdaq down..
Todd Gold, technical strategist at Gruntal & Co., said he continues to use Nasdaq strength to unload tech shares. "The Nasdaq gapped on the upside Monday morning but failed to follow through. We've seen this kind of action time and time again."
Stuart Freeman, chief equity strategist at A.G. Edwards & Sons, said the good news for the market is that earnings expectations have already been pared and that valuations have corrected accordingly.
"Investors should now be acquiring companies with strong, persistent, and reliable earnings growth records," Freeman continued. Among the strategist's favorite industry groups are semiconductors, selected communications equipment companies, non-bank financials, entertainment, hospital supplies and pharmaceuticals.
Well at least they are not advising investors to stay well away of all techs but some..maybe so should we..
Non-friendly comments from Wall Street analysts caused investors avoiding techs..
Chip stocks, networking, fiber-optic and business-to-business shares held Nasdaq down..
Todd Gold, technical strategist at Gruntal & Co., said he continues to use Nasdaq strength to unload tech shares. "The Nasdaq gapped on the upside Monday morning but failed to follow through. We've seen this kind of action time and time again."
Stuart Freeman, chief equity strategist at A.G. Edwards & Sons, said the good news for the market is that earnings expectations have already been pared and that valuations have corrected accordingly.
"Investors should now be acquiring companies with strong, persistent, and reliable earnings growth records," Freeman continued. Among the strategist's favorite industry groups are semiconductors, selected communications equipment companies, non-bank financials, entertainment, hospital supplies and pharmaceuticals.
Well at least they are not advising investors to stay well away of all techs but some..maybe so should we..