This week’s Sentiment Survey special question asked AAII members to share their thoughts about the NASDAQ recently rising above the 6,000 level for the first time. One out of four respondents (25%) described the achievement as meaningless or otherwise said that it does not alter their outlook or investment strategy. A nearly equal number of respondents (24%) view the crossing of 6,000 as a positive occurrence for the markets. About 13% expressed a bearish viewpoint, with some describing the NASDAQ’s record highs as evidence that stocks are overvalued. Slightly more than 9% say it’s a sign that technology stocks are doing well, with some of these respondents say they are now favoring the tech sector.
Here’s a sampling of the responses:
- “It is just a number.”
- “These milestones are essentially meaningless, but I’ll take new highs over new lows any day.”
- “Tech stocks are doing quite well.”
- “Given the high valuations in the market currently, a record NASDAQ is just another bearish predictor.”
- “Uptrends have to make new highs; it’s a good sign.”
Want to weigh in? Take the survey yourself and see results online at http://www.aaii.com/sentimentsurvey.
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