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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: ild who wrote (120098)9/8/2001 3:46:26 PM
From: ild   of 436258
 
Market Compass
31 W. 52nd St., New York, N.Y. 10019

SEPTEMBER 4 ~ I've recommended being underweighted in technology since the start of the year. By the end of the year, I might be tempted to be an aggressive buyer. I think another round of tax-loss selling in September and October by mutual funds could push tech stock prices lower still. The same thing happened last year.
Of course, a selloff in the technology shares would take the broad averages down too, especially the Nasdaq. This tech-heavy index is probably going to test the year's low of 1638 soon. If it should break below that level, then 1400 is probably the next key support level. The Dow Jones Industrials are also likely to test the bottom of its two-year trading range, but I think it will hold that level. I see a similar scenario for the S&P 500 over the rest of the year.

-- Edward Yardeni
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