MT Insider: Traders Remain on Sidelines, Technology in Focus


Investors remain somewhat "paralyzed" as a result of the overhang from Syria, debt ceiling, Fed tapering, Bernanke succession, German elections, and Italy's treatment of Berlusconi.

While there isn't much buying going on, note that selling pressures remain minimal as well. Risk levels have been brought down since late July, and now traders are content to sit on the sidelines until a resolution gets reached on at least some of the September obstacles.

Nevertheless, this is not "new" news, as investors have been baking in these obstacles since the end of July (with the exception of Syria).

In overnight trading, the Bank of Japan left policy unchanged (as expected), and upgraded its assessment of the Japanese economy. BOJ Governor Haruhiko Kuroda continues to campaign for implementation of the consumption tax hike. Separately, the Bank of England also maintained it its benchmark interest rate at 0.5% (also expected).

Moving over to technology, Samsung jumped ~1.8% following its new product launch, which was unveiled yesterday (notably, the smart watch is getting some positive attention).

In general, after weeks of being hammered, technology names have shown some positive momentum owing to key product enhancements from Samsung and Sony ( SNE ) in addition to M&A from Microsoft ( MSFT ) and Nokia ( NOK ). Apple ( AAPL ) will be announcing its own product lineup on 9/10, and separately in Beijing on 9/11. Yahoo ( YHOO ) has also rolled out a new logo.

Separately, Citigroup is currently holding its technology conference, and for the most part, companies have either reaffirmed previous guidance from Q2 or hinted towards possible upside.

IXN 73.19 0.00 0.00

SNE 20.82 +0.01 +0.05

MSFT 31.36 +0.07 +0.08

NOK 5.42 +0.09 +1.69

AAPL 501.50 +2.81 +0.56

YHOO 28.07 +0.29 +1.04

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: AAPL , MSFT , NOK , SNE , YHOO

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