<<Tony Dwyer, chief market strategist at Kirlin Holdings, looks can be deceiving. "Basically, while the indices make it look like we're in a bull market, the average stock is in a bear market. Currently, 64% of the NYSE stocks are down for the year, while 52% of Nasdaq stocks are down for the year."
However, Dwyer thinks that this downside may open a window for other staggering sectors. "I think this is creating a good opportunity for the broader market in the beginning of the year and throughout 2000. Portfolio managers are likely to take profits in some of their big winners, which have become fully valued, given the recent run-up after the end of the quarter," he said. "When that takes place, there should be a search for more attractively valued stocks, which is basically the rest of the market.">> |
