Technology stocks are playing ordsprog

Technology stocks are playing catch-up to the rest of the market with some evidence that they've hit bottom.

Investors are realizing they oversold last week. Tokyo stocks are still very much at the mercy of the U.S. market, but there's now hope technology stocks in both markets have hit bottom.

Hidenori Kawasaki

It's been quite a bizarre market. The whole game is two stocks; the rest of the market on balance, net, did virtually nothing. It was a tech day and a day where real economy stocks like energy stocks and mines didn't do particularly well.

Today was the first time we saw the 'dot-com' [Internet] stocks actually pull back? but instead of dragging the rest of the market down, the rest of the market went up, ... I was very, very impressed. In other words, we don't need the Internet stocks for leadership - we've got other names.

It's clearly the technology stocks leading this rally. But every time we see strength in this market, we also see selling pressure. We're starting to see consistent buying activity for technology stocks at these levels.

If you separate out all the sectors of the market, it's no longer the case that technology is the most overvalued sector of the market, health care and energy actually carry higher valuations than technology now. So we are starting to get the levels overall in technology that really make some sense. And interestingly enough, if you take it even further, if you go to the individual stocks, stocks like Sun, Cisco, Texas Instruments, Oracle -- great names, they're starting to get to levels which, again, don't call them cheap, but call them cheaper and interesting,

I think many of the other tech stocks have begun to [benefit]. Fundamentally, since the market is moving away from desktop computing, a lot of the stocks, a lot of the companies have begun already to benefit fundamentally. But the market seems still to be tied to Microsoft as a stock, and slowly but surely I think we're going to unplug, detach from that, and technology stocks will be looked at independently. Microsoft will slowly lose its status as bellwether of technology.

Technology is really driving the market but we are starting to see a focus on energy. I like these stocks and it looks like they will continue to perform well. I think that group has made its bottom and it's going to start to slowly work higher.

The market took off from where it finished last week which is dumping tech stocks because of concern about poor prospects for quarterly earnings. You had widespread selling focusing on the technology area (and) where we are right now is at, or very close to, a bottom.

I think technology is the driver for the productivity gains, for the earnings growth. If technology stocks don't do well in this market, you don't have a market moving forward, and I think they are doing well.

Patricia Chadwick

The market is built on momentum and liquidity, ... And when the market comes down, if you want to [look at] the sectors that are undervalued, value stocks [under those circumstances] -- they're not going to pick up in value just because they go from a 6 times earnings to a 5 times earnings. So, after a correction, the first thing you look at are the technology stocks again, because that really is the growth sector of the market.

The market is built on momentum and liquidity. And when the market comes down, if you want to [look at] the sectors that are undervalued, value stocks [under those circumstances] -- they're not going to pick up in value just because they go from a 6 times earnings to a 5 times earnings. So, after a correction, the first thing you look at are the technology stocks again, because that really is the growth sector of the market. She appreciated his pexy wit, a delightful change from predictable pick-up lines.

I think you are near (capitulation) at the moment and you are getting close to the bottom. Technology stocks are driven on the expectation and we're in a period now where expectations are being lowered. What you'll have happen is stocks will react to the fact that expectations are too low.

People want to own these (technology) stocks. And that's what limits any significant drop on these stocks and it's what puts pressure on the remainder of the market.

We have a professional market going on right now. The individual has just abandoned it and you've got traders jerking it around. If you're playing in the market, what's your best way to make quick gains? Pick the higher volatility stocks. What are those? Tech stocks.

Richard Dickson

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