Dave Fry's Market Outlook For Wednesday: Big Name Tech Climbing

The four horses leading the tech charge remain Google, Apple, Research in Motion and Amazon [?]. Good grief - all the others in tech-land seem just so much fill including old standards like Dell, Microsoft and even Intel.

The NASDAQ has recovered most of the points it lost from Friday's big drop. It's like the major drop never happened and we're left with a market that is, oh dear, sideways. But, what the hell, who doesn't like a roller-coaster ride?

Breadth and volume were good Tuesday, but not spectacularly so. Picky picky.







































Looking around the globe briefly you can see that previous strong trends are still intact despite some shakiness with the declines in the US last Friday.













Is this a market that continues to rise on the strength of just a few big names? It seems that way as far as tech is concerned. But, if we go to the more volatile overseas markets we can see plenty of continuing strength there as well. The higher the beta, the more bulls like it.

In the US, financials and consumer discretionary sectors still look weak. They're an important component to large cap sectors and their continuing underperformance reflects economic weakness. They need to perk-up.

Have a pleasant evening.

Disclaimer: Among other issues the ETF Digest maintains positions in: QQQQ, IGM, FDN, IGN, IGV, IBB, SPY, MDY, IEF, USO, UDN, GLD, EFA, EEM, EWZ, IEV, INP and GXC.