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Mix-Ansicht- Technology Improvement Global In Scope - leibovitz, 13.12.2001, 09:46
Technology Improvement Global In Scope
Our Global Sector charts and reports have many applications, one of
which is to lend confirmation or caution to themes drawn from our domestic
work. With its latest update, our Global Sector Ranking confirmed that the
improving Technology sector performance is global in scope. As shown in
reportICS_40, all three of this week’s new Overweights areTech sectors, with
the Tech sectors from Germany, Canada, and the U.K. joining those from
Singapore and France. Technology now accounts for five of the ranking’s
top seven sectors, and 62% of the Tech sectors are Overweight (report
ICS_42), an Overweight percentage far higher than that of any other sector.
Report ICS_44 indicates that the eightTech sectors have an impressive aver-
age rank of 87.4%, also far higher than that of any other sector.
As the pullback continues, keep an eye on our chart of Global Technol-
ogy Sector breadth indicators to see if the sector can maintain its price, A/D
line and relative strength uptrends in the face of market weakness. Such
resilience would leave the sector poised to continue outperforming on a likely
year-end rally and new year advance. We would also note the resilience of
other areas that stand to continue benefiting from the market’s position in the
early stages of a new global uptrend that’s occurring in anticipation of a
global economic recovery (outside of Japan) - emerging markets, small-
caps, and cyclicals. Report ICS_53 indicates that the list of global charts with
favorable breadth readings includes not only Technology, but also Media
(IGB2060), BasicResources(IGB2010),Cyclical Goods&Services(IGB2025),
Industrial Goods & Services (IGB2050), and Financial Services (IGB2035).
Among regions, NorthAmerica (IGB3000) and Europe (IGB4000) still have
favorablebreadth charts,whilethePacific (IGB5000)hasunfavorablebreadth,
weighed down by the weakness in Japan - of the Global Sector Ranking’s
bottom 12 sectors, nine are Japanese. (For more perspective, see the current
issue of International Focus.)
-- Tim Hayes, CMT
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