Money is rotating into other sectors, from SmartMoney Interactive today:
smartmoney.com
In part:
AFTER A 94-POINT DROP in the Dow industrials, traders were looking for
the market to recover Friday. "I think we'll have a flat day tomorrow, maybe
down about 50 points," says Steve Kambour, a trader at Laidlaw Equities. He
believes that the "Intel-damage" will be offset by a rotation in the market to
sectors other than tech. "Rotation is going to change the face of market you
saw today," Kambour added.
Mike Driscoll, a trader at Hambrecht & Quist said he saw the beginning of
rotation today as investors shed tech stocks in favor of sectors such as
oil-drilling, retail and health management. He expects the market to go up
tomorrow if unemployment rate, due at 8.30 a.m. EST Friday, come in line with
expectations. Kambour, however, thinks that the market will ignore
unemployment number, and focus only on earnings. |
