Word: teche
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...forget your 401(k). View tax-deferred and taxable accounts as one big portfolio. If you can reduce your tech exposure enough just by moving funds in your tax-deferred accounts, you'll avoid taxes and maybe commissions...
...Sell short. If you can't part with your tech darlings, cut your exposure by shorting the NASDAQ 100 or buying a put option on the index. When you short the index, you borrow a basket of shares and sell, hoping to replace them at a lower price and profit from the decline. A put option gives you the right to sell at a predetermined price, protecting you from a steep drop...
...course, the tech cult won't do any of these things, and may be rewarded for keeping the faith. Amen. I'm not one to quarrel with the brainwashed. But I sure plan to be standing after the disaster...
...time.com/personal for more on tech stocks. E-mail Dan at kadlec@time.com See him Tuesday on CNNfn...
Last week the Dow's blue chips soared, the tech-heavy NASDAQ followed its 5000-point close with a three-day fizzle, and the S&P 500 rose nearly 70 points. Market watching can be a harrowing sport, so we asked designers John Ryan ('96 Olympics' Izzy), Cookie Gluck (Chicago Bulls' Benny), Wong Doody (Seattle Sonics logo) and Street Characters (Arizona Cardinals' Big Red) to give the indexes their own mascots...