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Nasdaq on Fire
Posted On Thursday, July 30, 2009 at at 10:40 AM by Finance Fanatic
The Nasdaq hit 2,000 today, which was the first time since October of 2008. It is clear at this point that investors are finding a "safe haven" within the tech sector. However, many analysts believe that such a strong response in the market is a bit pre-mature in this environment, especially when considering the recent demand for tech products.
The big question is will the fire igniting the Nasdaq recently come back to burn them here shortly? My opinion is that even with the strengths with many of the tech companies, such quick, strong gains in any sector at this point in our economic turmoil is far too unjustified. I expect this quick bounce to return a quick fall. Sure, Nasdaq should remain the sweetheart sector during the plunge, but back to 2000 already? Please.
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