The Stock Market is Doomed

I am afraid that the stock market is going much, much lower.

I've written here before of my view that technology stocks might save the stock market, and I've also expressed my view that Apple might save technology stocks.

Well, it didn't happen.

It seems that the only company in technology with any sort of a compelling product (the iPhone) beat their numbers, but found cause to become very cautious in its outlook going forward.  The outlook, not the past numbers, caused the stock to go down big after hours today (to 148).  It presumably will cause it to fall further in the weeks ahead as the street lowers expectations.

Other tech stocks also disappointed today, including Sandisk and Texas Instruments, following the mediocre reports of Google and Microsoft next week.

Not only is there nothing to get excited about in technology, but American Express, Merck and Schering Plough managed to implode (the later two seem to always implode).

It strikes me that we are not at the bottom of anything yet and this is a good time to sell out of this crap game.

 

Aron Livrone
Aron Livrone: Aron is a 2008 Wharton MBA with a consulting background prior to moving from Sweden to the US to begin his MBA.

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Comments

  • Richard

    July 22, 2008

    I am afraid that there is no choice but to agree with this. There is quite simply nothing else compelling going on in all of technology right now either at the consumer or the corporate levels.

  • Sam Cass

    July 22, 2008

    Unfortunately, this opinion is worth about as much as your opinion last week that Apple was a great buy.

    Since you have turned into a bear I may take that as an indicator that the market is reaching a low. It may be time to think about getting in. Financials after all turned in one of their best performances last week.

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