The Pacific Exchange's Technology Index, made up of 100 companies from across the tech landscape, climbed more than 13 percent. In fact, Edelstone said he doesn't foresee any sustainable upturn before next fall. Little by little, though, inventories are being worked off, even though end-user demand remains tepid. And that, according to McCarron, means many tech suppliers could see business coming back to life in Q2. Even in a down economy, however, some tech companies could have relatively good news to report, at least compared with already lowered expectations.
Investors seem to agree.
Another company from which investors are looking for relatively positive news is Apple, one of the first tech companies to get hit by last fall's sudden slowdown. Since then the company has delivered all of the new products it promised in January, and it hasn't issued any warnings about missing expectations. Looking forward, though, Kunstler isn't much more bullish than his fellow analysts.