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Posts Tagged ‘stock market’

No business cycle is complete until corporate tech budgets have been slashed, and no bear market has ever been completed until tech stocks have been wiped out.

Corporate tech budgets have barely been touched so far, but the Semiconductor Industry association has said new orders for chips are down 50 percent.

When revised figures for tech budgets for business come out soon, the tech heavy Nasdaq will slash and burn.

Today, Firday march 6, 2009, Nasdaq opened higher, then by 11 AM had retreated 40 points off its high. I predict a  lower Nasdaq close than the current 1,279.

Many Nasdaq giants such as Mister Softee and Intel are major components of the S&P 500 Index, so it is likely to drop to 600 from its current 676.

Obama told us to buy stocks a few days ago. Sure hope he knows more about the economy than that FUBAR.

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