Word: teche
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...Suddenly everybody's a tech-stock bargain hunter as investors decided Tuesday they'd had enough of the blues and bought the NASDAQ up 177 points by the close. Cisco cleared its personal floor of $50 again, Oracle hit $34, and dot-commers Expedia and eToys got a few bonus points for losing less money than everybody expected. Is this the floor of floors...
...Would you settle for "possibly"? Last week traders were buzzing that "there's no such thing as a quadruple bottom," meaning that three times - in late May, mid-October and late last week - the tech index has flirted with 3,000 and jerked back from the brink. Add to that the end of October - traditionally the month of earnings news, tax-loss selling by mutual funds and bottoms (not a coincidence) - a Dow afire for three straight sessions and an election about to conclude, and we've got indications that the 3,000 milestone may belong in NASDAQ's rearview...
...BANK ON MUTUALS To generate bigger profits, more banks are creating their own mutual funds. Yet the typical bank fund has lagged behind the industry average for the past two years. In many cases, it has been the result of ultra-conservative management or late entry into the tech sector. Still, among the rubble, some gems can be found...
...largely excluded from the recent hypervaluation of tech stocks, and so now is it being largely excluded from the bloodbath on Wall Street's hipper half. Mostly, what the Dow has been doing lately is a jagged languishing, seesawing from 10,500 in May to 11,250 in September down to the magic 10,000 this month...
...used to be "in" tech stocks - now you're "exposed" to them. And as the tech sector, led by a Lehman Brothers downgrade of Cisco, continued to burrow deeper into its funk, the musty old Dow Jones is getting hot again...