Shawn Price, one of my analysts was quote yesterday in the Wall Street Journal:
Technology also was strong as many in the sector continue to provide strong quarterly reports. Notably, the tech-oriented Nasdaq Composite index closed up 7.62 points, or 0.4%, to 1975.51.
Even more so than the Dow and S&P 500, which both broke a three-session winning streak on Tuesday, the Nasdaq has been on a climb this month. The index has now closed higher in 14 of the past 15 sessions.
For Shawn Price, a portfolio manager for Navellier, much of the market’s recent strength revolves around actual earnings. Whereas the trade in prior quarters had been dominated by companies’ cash positions, the dialogue recently has moved to profit outlooks.
“We’ve just come a long way real fast, and I can see us giving a little ground on general profit-taking,” said Mr. Price. “But I’m hoping we’re back into a situation where fundamentals really matter.”