Cramer has been saying buy old tech, including the dd's (well, Seagate), the last few days, incl. esp. this am.
Does seem as though lower PE tech is doing better today, generally.
My general theory at the moment is that the market is skittish on the stuff that's supposed to be rock solid blue chip invulnerable (and has sky high PE's to match), but turns out to have asian exposure. Meaning slow low growth. P&G is the lastest big example. 3m previously. Market has been taking all the leaders down (along with everthing else) in this correction.
But the stuff that really does have the high growth, despite full disclosure about whatever the asia exposure, is poised to go even higher than before. I think. E.g., Dell, Csco. Lots of the software, e.g. Msft, Psft, ctxs, neta. And some of the telequips, such as the tlab's.
But not the PG's, cokes, Ge's etc, etc, that just don't have the growth and may have lots more exposure to asia than people had thought.
That's why the naz is up 100 dow points and the dow is down 12. The spread will continue.
What you think?
Doug |
