17 Years Later Tech Recovers
The S&P 500 information technology sector burst in the dotcom bubble some 17 years ago and yesterday it finally recovered. The index closed at 992.29 on Wednesday, smashing through the 988.49 high set on March 27, 2000. Traders appear to have re-entered this space in anticipation of very strong upcoming quarterly earnings reports. AAPL was upgraded this week from a buy rating to a strong-buy rating in a report published on Monday, June 12th by Vetr. The brokerage currently has $166.64 target price on the iPhone maker’s stock. Oil seems to be stuck below $50 a barrel with US fracking operations picking up once again. The bull market appears to have legs still so we continue to watch to entry points that make sense on dip. There will always be dips but we are increasingly cautious with stocks and markets breaking new all-time highs.