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Thursday, May 16, 7:38 AM Cisco (CSCO) is now up 9.4% premarket following last night's earnings and guidance. Lazard's Ryan Hitchinson notes guidance was light, but likely beat a lot of the whispers out there. He also believes management is remaining conservative amid improving demand trends. A bellwether no more, Cisco's moonshot is having little effect on the QQQs, which are barely green at the moment. 6 Comments [Tech, On the Move]
Tuesday, May 14, 8:03 AM More from Tepper: "We're going to get this hyper-drive market," unless the Fed starts tapering its purchases, he says (referencing 1999), adding the June meeting wouldn't be a bad time to get started. He pulls out this chart from a recent FRBNY report, showing stocks remain cheap - the equity premium to bonds is as high as it's been in the last 50 years. 16 Comments
Tuesday, May 14, 7:52 AM Tepper stays bullish. Confounding gnomes who whispered the hedge fund honcho was turning cautious on stocks, David Tepper tells the CNBC crew the wave of liquidity that turned him bullish in the first place is getting even bigger. Fed tapering? So what, he says. The U.S. budget deficit over the next 6 months will only be $100B, while the Fed is scheduled to buy about $500B. That's $400B coming out of the bond market and going to investors who can buy more fixed-income, more real estate, more stocks. SPY erases losses and gets back to flat premarket. 11 Comments [Breaking News]
Thursday, April 18, 1:08 PM Stocks have bounced off their worst levels, but remain lower in afternoon trade. Tech (QQQ -1%) shows particular weakness, with Apple dug in below $400 and Google off 1.8%. Verizon, however, is an area of tech sector strength, +3.7% following earnings. S&P 500 down just 0.3%. 1 Comment
Thursday, January 24, 11:08 AM The lure of equal-weight funds - which tweak popular indexes by shifting money from the highest cap stocks to smaller firms - is felt on days like today. With the QQQ -0.7%, the QQEW +0.9%, the QQQE flat. YTD, the equal-weighted tech funds are outperforming the QQQs by 360-460 bps. SPY +0.4% vs. RSP +0.7% today. 2 Comments [Quick Ideas]
Wednesday, January 23, 5:08 PM NASDAQ 100 futures -0.5% AH after Apple trades lower on mixed FQ1 numbers and light FQ2 revenue guidance. As one would expect, Apple chip suppliers are also lower. CRUS -6.5% AH. QCOM -1.1%. BRCM -1.7%. SWKS -5.1%. AVGO -1.3%. TQNT -1.4%. Comment! [Tech, On the Move]
Monday, December 17, 2012, 2:40 PM The tech sector is "trading at a discount to the market for the first time in 20 years," notes Merrill, which advises going overweight on tech stocks (along with energy and industrial names). Barclays portfolio strategist Barry Knapp also sees tech doing well in 2013. More cautious is JPMorgan's Mark Moskowitz, who forecasts 2013 IT spending growth of just 1.7% amidst weak demand for PCs (mobile cannibalization) and servers (the sales lift provided by virtualization is slowing down) (Marc Andreessen) Comment! [Tech, Quick Ideas]
Wednesday, December 12, 2012, 9:34 AM "If (tech's) a bubble, it's the weirdest bubble I've seen," says Marc Andreessen, speaking at a conference. The current situation is more like a tech depression, he argues, noting tech stocks are trading at the sort of discount to industrials that hasn't been seen since the 1970s. "The public market is trading tech like a steel mill that's about to go bankrupt ... What is going on?" 5 Comments
Tuesday, December 4, 2012, 9:01 PM In a move that was always a question of when, not if, Facebook (FB) will be added to the Nasdaq 100 prior to the market open on December 12. This sort of inclusion can sometimes provide a boost to the stock, but it's hard to believe it hasn't been priced in. Facebook will replace Infosys, which is moving to the NYSE. 5 Comments [Tech]
Tuesday, November 20, 2012, 9:46 AM Divergence in tech land: BAML's weekly check (h/t Raj Dhaliwal) of net buys of technology stocks by client shows the heaviest-ever buying by institutions against nearly the largest-ever selling by private clients. So funds were buying Apple last week as individuals were selling? 3 Comments [Tech]
Thursday, October 25, 2012, 4:35 PM Apple is halted, but stock index futures are not. Nasdaq 100 -0.8%, S&P 500 -0.5% following the earnings miss. 2 Comments [Tech]
Friday, October 19, 2012, 3:26 PM Take comfort or get worried, but the tech correction - the XLK is off about 7% since hitting an 11-year high a month ago - is catching the eye of the technicians and trend-followers. Tomi Kilgore says the index is only a hair above its 200-day moving average. Never one to miss a move, Dennis Gartman always pays attention when market leaders "suddenly lose their stripes." Comment! [Quick Ideas, Tech]
Friday, June 15, 2012, 9:35 AM Mark Hulbert's Nasdaq Newsletter Sentiment Index (HNNSI) continues to flash buy. At -35.3%, short-term market timers have 35.3% of their portfolio shorting tech shares. With the Nasdaq at similar levels in February, the HNNSI was +75%. A 110 point decline amidst a flat market testifies to the erosion in sentiment and may set the stage for a move higher. Comment! [Quick Ideas, Tech]
Wednesday, March 21, 2012, 11:46 AM A look at the ratio over time between the QQEW (equal-weighted Nasdaq 100) vs. the QQQ tells the story of a tech index advance held aloft by fewer and fewer issues. 2 Comments [Tech, Quick Ideas]

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