Long-Neglected Tech Ready to Trend Up
Editor's Note: This is a bonus column from Gary B. Smith, whose commentary usually appears only on RealMoney. We're offering it today to TheStreet.com readers. This column was originally published on RealMoney at 8:30 a.m. EST Tuesday. To read Smith's commentary regularly, please click here for information about a free trial to RealMoney.
I am not by nature a watcher of big events, a forecaster of future trends or one who thinks about the macro-environment.
However, since I do a fair amount of TV, and these topics are discussed, I've got to have at least some opinion on The Future.Of course, you're probably not interested in my fundamental view, and I can't blame you. But my fundamental view matches up perfectly with my technical view, and in that regard, I'd take a serious look at the tech sector. I say this for a few reasons: One, it's a sector that gets little respect right now. It's all oil, all the time, even though -- as noted recently -- I think that ship has sailed. But ask most "experts" about tech, and they've pretty much written it off as a sorry chapter of the late '90s. Two, while most indices are off a little this year, the Nasdaq has taken a major 8% hit, and it has been oversold for a while. Finally, despite the "death of tech" notices, all that the Nasdaq has really done is work off the big up-move that started in '03. That's normal and a requirement, if we're going to eventually move higher. And higher is where I think we're going.
Today, charts for the Dow Jones Industrial Average, Bluegreen (BXG), Parker Hannifin (PH), Sycamore Networks (SCMR), Taser International (TASR) and Phazar (ANTP).
Charts produced by TC2000, which is a registered trademark of Worden Brothers Inc.
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