Nasdaq 100 strength sets up tech-stock heroes for a fall
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:15 p.m. (1:15 p.m.) on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube.
“There will be no room for forgiveness” as U.S. technology companies report second-quarter results, according to Michael Shaoul, chief executive officer of Marketfield Asset Management LLC. Renewed strength in the Nasdaq 100 Index relative to the S&P 500 shows as much, Shaoul wrote in a report Thursday. A ratio between the U.S. stock benchmarks rose as much as 6.9% after reaching its low for the year on May 13, according to data compiled by Bloomberg. The advance brought the ratio within 3.3% of a record, set on Feb. 2. Only “stellar earnings and strong guidance” will sustain the recovery, he wrote.
