So far the year is
shaping up as a real dud.
No amount of good news seems to get a
decent rise out of the market, especially in
the tech sector, although Friday's late
performance was encouraging. Instead of
retreating, the market rose.
But already the GTI is down over 8% for
the year, and it has surrendered one-half
of its gains from the long year-end rally.
Maybe we're entering a tech "correction"
phase. But with only single digit gains
last year, what is there to "correct"?
Or is the market shrugging off good news
because it has a more serious worry that
I don't see, perhaps Iraq-related?
In any event, here we are, two weeks into
the new year, and already we're playing
catch-up. How dreary if that turns out to
be our game plan for the entire year.
Even the weather adds to the malaise.
Perhaps the relentless rain that has fallen
over much of the country has given the
bulls a chill.
I know the rain is bumming me out. Let a
smile be your umbrella, they sing, but
you're still going to get wet.
On the other hand, they also sing that
the sun will come out tomorrow. Let's
hope so.
Returns for Week Ended
January 14
Gilder
Technology Index (GTI): - 1.8%
Nasdaq
Composite Index (NSD):
- 0.0%
S&P 500 Index (S&P): - 0.1%
Makeup of the GTI
The GTI companies are those on the
list
of "Telecosm Technologies" in the Gilder
Technology Report, except that those
whose stock is not readily available to
individual investors are excluded. If a
company is not traded on the NYSE,
AMEX, or NASDAQ National Market,
it is not in the GTI.
This past week there were 27 companies
in the GTI. Advances vs. declines were:
2 up, 25 down, 0 unchanged.
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