Whither Stocks
The Dow was down 1.2 percent for the week to 13,080, its worst week since Dec. 16, but it is still up 7 percent for the quarter. The S&P 500 lost 0.5 percent for the week to 1397, but it is up 11 percent since the start of the year. Both the Dow and S&P are on track for their best first quarter since 1998.
The Nasdaq, up 17 percent for the quarter, was up 0.4 for the week, ending at 3067. The Nasdaq 100 was up 0.6 percent this past week to 2728, higher for a twelfth week and its longest winning streak since 1999.
“You can’t expect the second quarter to be like this first quarter,” said T3live.com’s Scott Redler, who follows short term technical moves.
Redler said he expects traders to watch the market’s moves over the next several days to see how the second quarter is setting up. “This really feels like a run of the mill constructive correction ... It could be within the same 5 to 10 percent pullback we’ve seen since the rally ignited back in December. Money keeps rotating and leadership keeps changing. It’s really been a follow the money, sucker’s rally,” said Redler.
Financials, up 20 percent, and the S&P tech sector, up 19 percent, are the best-performing sectors for the quarter. Utilities were down more than 5 percent and were the worst performers, while energy and materials were both up more than 3 percent, also underperformers.
“I still like traditionally cyclical sectors that trade defensively, like tech,” said Adams. She said she does not like energy since is more high beta and influenced more by the global economy. |
发表于 2012-3-23 22:24
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