This is a group that has underperformed the market for quite some time, but they've begun to turn the corner and we could see (investors) coming back. The opportunity for positive surprises there is pretty strong.
More Quotes from Robert Walberg:
There have been no fundamental underpinnings for the recovery rally so far this year. Tech's been one of the strongest performing sectors in the market, yet one technology company after another keeps coming out warning that their numbers aren't going to be as good as expected, that demand is still soft.Robert Walberg
Clearly, (managers) aren't concerned about the case. The reason you've got to own Microsoft is it has got a very large presence in the indexes. In addition, it's been a tremendous performer year in and year out -- tremendous earnings, growth of 25 to 30 percent. And I don't see any of that changing.
Robert Walberg
A lot of people are discounting soft first-quarter numbers, tying it to war-related weakness. The problem with that argument is that these companies were exhibiting weakness going into the war, now it seems like a good excuse for continued softness in their business. Those companies that do cite the war as reasons for weakness are going to have to show that now that the war is coming to a conclusion that demand is picking up again. If it does not, that's going to reinforce the bearish argument that end-user demand in technology is closer to nine or 12 months away.
Robert Walberg
Next week I expect to see renewed selling in the group. The Hong Kong crisis only awakened people to the thought that there are potential land mines in the technology sector.
Robert Walberg
Overall, we'll probably see a continuation of the choppy nature of the market, probably with a slight downward bias.
Robert Walberg
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