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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Psycho-Social who wrote (68503)5/17/2002 4:55:06 AM
From: LTK007  Read Replies (2) of 99280
 
there is MUCH in the market other than tech stocks <<The Rest of the S&P

So as not to put too negative a spin on the trends in the S&P, we note that the S&P 500, ex-technology, is down by only about 3% this year. This from James Bianco, who adds that the anecdotal stories of layoffs and crashing stock prices usually come from the tech and telecom sector. The sectors that we don't hear so much about make up approximately 87.5% of the economy and 81% of the S&P. This is one of the reasons Bianco thinks the economy will surprise to the upside in the near term. He also cites the fact that the S&P SmallCap and MidCap indexes are making new highs, and the historical record showing that forecasters usually underestimate GDP.

But Bianco's views on the economy and the markets are not your usual bullish fare, either. "The recovery is here," he told Bloomberg Markets magazine, "but it's going to be short-lived. If recessions are supposed to cleanse away the excesses of the boom, this one only did part of the job." As for his market prediction, "I tell people that over the next five or six months, I think the stock market is going to be up because it will follow the economy. But in five or six years, I would not be surprised if the market is at exactly the same level it is now.">> thus thus the thoughts of James Bianco.
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