“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.”
“Between October and March, the Nasdaq has almost doubled in price. Even these companies that have been cut in half are still three or four times more than they were a year ago.”
“I'm of the view that the Nasdaq really goes into a consolidation, and historically, for technology, it really performs fairly poorly in the April-to-June time frame. So my view is that Nasdaq, on the whole, pretty much always goes into a consolidation pattern, not much upside from the current level.”
“I think that the correction that we've seen in the market averages, in the Nasdaq, is probably reflecting an inflection point for the equity market that's going to be not as focused on technology. It's going to be shifting more into the broader segments of the equity market.”
“The key area to watch is what financial stocks will do. They've been performing well and it's clearly a pattern of higher highs. If they take this (interest rate hike) well, my confidence that we're getting to the end of these Fed hikes will increase.”
