Commentary:  ¡¡ Ay, Toro !!

In a bullfight, even the bravest bull must stop to
catch his breath from time to time.

Is that what's happening? Or is this a bad bull?

I was just settling in for a long and beautiful
running of the bull. After 2006's noble start,
though, it's back to business as usual, at least for
now: lots of pawing the ground, but little action.

What this bull needs is a whiff of fresh air. What
better source of oxygen could there be than a
few lusty earnings reports? Now is the time.

On the other hand, we've been resting for only
two days. Maybe the bull has energy in reserve.
In which case, good earnings will be so much
gravy, and the moment of truth awaits us.

There are signs that the Telecosm is gaining
traction at last. Yes, there are reasons to be
bullish. A new year, like a new bullfight, brings
fresh hope. It washes away disappointments
of the past.

Look at it this way: although the GTI has more
than quadrupled from its low in October, 2002,
it is still only 25% of what it was six years ago.
Even the pedestrian S&P needs almost a 20%
gain to be back where it was six years ago.

You may say those old levels were inflated, and
you may be right. But six years is a long time
without a new high, no matter how valid the old.
Think of how much the worldwide economy and
markets have grown since 2000. Think of how
productivity has grown.

I admit it. I'm a bull. I too grow weary from time to
time, but give me a little rest, and I'm raring to go.

The Week's Top Gainers and Losers

The Week Day by Day:
 

Despite a disappointing end, it was a good week.
A tip of the hat to the three stocks added to the
GTI December 21. In the 15 sessions since then,
IKAN is up 34.9%, FNSR 11.1%, and SIGM 12.5%.
For comparison, the GTI is up 10.6% in that time,
the NASDAQ 3.8%, and the S&P 2.0%.

Returns for the Week:

Gilder Technology Index (GTI):  + 3.1%
Nasdaq Composite Index (NSD):  + 0.5%
S&P 500 Index (S&P):  + 0.2%

Historical Returns:

Comparison of Returns for GTI Stocks
By Whether or Not They Pay Dividends:

Makeup of the GTI:

The GTI companies are those "Telecosm
Technologies" in the Gilder Technology
Report whose stock is readily available to
investors. If a company is not traded on the
NYSE, AMEX, or NASDAQ National Market,
it is not in the GTI.

There are now 27 companies in the GTI.

Advances vs. Declines:

Among the GTI stocks this week, there were
17 up, 10 down, 0 unchanged.

From the GTI's Origin (1/1/99) to Now:

Trailing 3-Month Returns, Last 52 Weeks:


 

The GTI fell 94.1% from its March 6, 2000,
high to its October 9, 2002, low.  Click here
for the details of its long recovery attempt.