Long-Neglected Tech Ready to Trend Up
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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.
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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) - Get Bluegreen Vacations Corporation Report
,
Parker Hannifin
(PH) - Get Parker-Hannifin Corporation Report
,
Sycamore Networks
(SCMR)
,
Taser International
(TASR)
and
Phazar
( ANTP).
Charts produced by TC2000, which is a registered trademark of
Worden Brothers Inc.
And that is the final word from Wisteria Lane, where much to my dismay I've been sucked into the "Desperate Housewives" vortex. Once you start watching, you can't turn it off!
Please note that due to factors including low market capitalization and/or insufficient public float, we consider Bluegreen and Phazar to be small-cap stocks. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.
Smith writes a daily technical analysis column for RealMoney.com and also produces a daily premium product for TheStreet.com called The Chartman's Top Stocks --
click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he invites you to send your feedback to
gsmith@thestreet.com.
