20 November 2009
It's looking a little bearish with a flight to safe sectors
For a long time, tech stocks were considered not much different than other consumer stocks. Certainly there was no indication of big time growth so expectations weren't ramped. Today's smack on DELL and yesterday's semiconductor crunch have changed those assumptions. The market is gradually pulling away from the white knuckled fear of late 08 and the buy anything with a lousy balance sheet of 09. But no one has made the next call yet. Who are we waiting for? Paulson? Palin? Consequently the beta bulls and beta bears have been all over the map looking for leadership in all the wrong places. I doubt they'll find it on Turkey Week.