Nov. 20 Weekly Hotline (Nov. 23, 1999)

WSW Hotline - 11/19/1999 By Courtney Smith

The market continues to show amazing resiliency. Most indices hit new all time highs during the last week, just as I predicted. The Thanksgiving week is traditionally a very strong period so we should expect to see generally higher prices during the current week. However, I think that we need to see a slight consolidation of the strong gains that we have seen since the low in October. I think that that consolidation will hit just after Thanksgiving and drop the market for a few percent. One market feature that I don't like is that the Dow Utilities and Transports are not confirming the broader market gains. Still, general breadth is still bullish. The correction will be no big deal, just the normal consolidation . I'm also looking for the NASDAQ to continue to outpace the Dow and S&P. Tech stocks are where the action is. The market correctly sees that tech stocks are one of the few sectors that will see smart gains in earnings in the coming year. That is the bottom line reason that the NASDAQ will outperform and why we have such a heavy weighting in tech stocks in the Wall Street Winners portfolio.

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