6 Tech Stocks to Own Now
Jim Woods, June 26, 2009
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Survey Says ... Tech is Back
In the first quarter, an Alliance survey showed a leveling off in the rate of decline for business IT spending. And ChangeWave's latest survey shows U.S. corporate IT spending is rapidly stabilizing. The survey shows a dramatically improved outlook for IT spending in the third quarter.
Fifteen percent of respondents said their company's IT spending will increase. This is a solid improvement from the previous survey conducted in February, and, most importantly, the first recorded uptick in a ChangeWave survey in two and a half years.
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Houghton and Atkeson
Looking into June, the market should begin refocusing on upcoming earnings reports for evidence the economy is gaining momentum.
Watching the Treasury's Actions
In the short-term, the government's bond auction is likely to be a key driver of stocks.
Treasury Auction Boosts Market
The Treasury's auction of two-year notes brought an upside surprise which should alleviate fears of a lack of demand for U.S. paper.
Credit Markets Point to Upturn
The credit market, a reliable indicator of equity direction, suggests we will break out of the SPX's trading range to the upside.
The market seems to be saying that a 30% move up from the lows is ahead of the real economy and the market needs to allow the economy to catch up.
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