Today's market is comforting in that it's back a bit, but it just doesn't have the feel of yesterday having made a bottom.
More Quotes from Barry Hyman:
There really isn't any dramatic news to come out post-Fed we're going to get into that earnings void, the next meeting for the Fed isn't until late June, so I think the story is how well the pullback in this market will be contained.Barry Hyman
It is just an affirmation that the Nasdaq represents the growth sector of the investment universe. That is where much money is being put to work the last month.
Barry Hyman
I think people are just abandoning technology, especially when you can't count on a 'Nokia' that hasn't missed (expectations) in years. The point is that there's nothing wrong with these companies - what's wrong is that analysts were not looking at the second half of the year. What's happening now is estimates are going to come down to match the reality of the economic situation.
Barry Hyman
What I like about today is that all of the main SP sectors are higher, which shows broad strength for the market. And the consumer confidence number suggests optimism about the start of 2005.
Barry Hyman
I think it's too late to be worried about where your tech stock is going to go from here. There are some opportunities out there and we are aware of the short-term problems in the marketplace with the Fed being aggressive. So, we're not looking for a very vigorous rally over the next one to three months. There will be trading rallies. But the investor, the small investor, the intermediate-to-long-term investor should use the summer time, which is seasonally weak for technology stocks, to start to accumulate an easier way into some of these great companies,
Barry Hyman
The idea is that interest rates will affect the old-economy companies more, because they are more interest rate sensitive. You will probably have less of an effect on technology stocks, and there is a lot of bargain-hunting going on. I think investors are a little more comfortable coming into these blue chips down 30 percent.
Barry Hyman
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