Auszüge aus Gene Ingers Daily Briefing (ingerletter.com) für Mittwoch, 29.12.
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There is no doubt that there's going to be corrective action in the 1st Quarter; the question is just if it comes without or with a couple of efforts to "press" the upside at the year's commencement; a determination that isn't useful in speculating about, but which should be discernable as we are able to move into the New Year next week. Meanwhile, these funds generated form technology stock sales (more specifically Internet stock sales) are going into the desired "value" plays, of which there are tons, but not necessarily in areas this Generation more or less became solely comfortable with. Our own view of technology stocks remains the same as noted again in last evening's DB, and given the profit-taking in some of the e-tailing stocks today, we're unlikely to change that view, given the market is essentially validating it.
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Technically . . . we're not inclined to excessively trade the S&P intraday, because the swings in this particular climate are so rangebound. That may change immediately, given the propensity of most investors to complete yearend transactions by the last regular day for settlement this year. In this regard, the overnight position trade is just that, but will readily come out if it looks like this market can shoot for S&P 1500, though analytically it isn't particularly justified. Seasonally it is.
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There is no doubt that there's going to be corrective action in the 1st Quarter; the question is just if it comes without or with a couple of efforts to "press" the upside at the year's commencement; a determination that isn't useful in speculating about, but which should be discernable as we are able to move into the New Year next week. Meanwhile, these funds generated form technology stock sales (more specifically Internet stock sales) are going into the desired "value" plays, of which there are tons, but not necessarily in areas this Generation more or less became solely comfortable with. Our own view of technology stocks remains the same as noted again in last evening's DB, and given the profit-taking in some of the e-tailing stocks today, we're unlikely to change that view, given the market is essentially validating it.
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Technically . . . we're not inclined to excessively trade the S&P intraday, because the swings in this particular climate are so rangebound. That may change immediately, given the propensity of most investors to complete yearend transactions by the last regular day for settlement this year. In this regard, the overnight position trade is just that, but will readily come out if it looks like this market can shoot for S&P 1500, though analytically it isn't particularly justified. Seasonally it is.
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