For example, take R.J. Reynolds Tobacco Holdings. In recent sessions, some investors saw the Nasdaq's drop as an opportunity to buy shares whose prices have fallen this week. As a result, beaten up blue chips have enjoyed a slight resurgence. But as the quarter drew to a close on Friday, investors learned that the Nasdaq, which had fallen 500 points in five sessions, still had some kick by posting a gain of 115 points. Clearly, technology has been the unchallenged leader for a number of years and despite the recent downturn, no one expects that long-term trend to change.
Technology is still the name of the game.
That will become crystal clear in a few weeks when the earnings reports come out for the first quarter and companies like Intel, Texas Instruments and Applied Materials report blowout numbers. Then any talk of a tech recession will be a distant memory. Let us hear from you.