There are a lot of investors we find who are hanging on to technology stocks with the hope that they're going to rebound, and that's still a very dangerous thing. We really need the capitulation of those investors. So we still could see more downside on the Nasdaq and in technology.
More Quotes from Tim Ghriskey:This is essentially re-creating the old ATT. But in this environment, the industry has been so weakened, with so many competing technologies, it's a very, very different world now.
The jump in oil prices lifted shares in the whole energy sector. And we also had very strong confidence numbers, which helped support the rest of the market.
Techs have been underperformers during the month of December, especially the second half, so I think we're seeing some bargain hunting within technology.
The results were very impressive, especially given the market environment, ... Clearly the trading business made the quarter, helped by Spear Leeds, which obviously distorted it a little bit.
It's tax loss selling. I haven't heard of anything else.
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