Investors continue to be jittery about technology stocks. For the third consecutive week, the Town Crier Weekly Stock Index is down because of the technology stocks influence. At the beginning of the year they were our market leaders, and now they are at the center of concern.
In the absence of any major economic reports showing changes in the economy, investors continue to focus on technology shares, considering them among the most vulnerable to the financial troubles overseas. Last week, Hewlett-Packard and National Semiconductor both warned of weak profits, blaming Asia's economic crisis for at least some of their problems. During the week, several technology stocks in the Town Crier Index bucked the downward trend. Aspect Development, Cornerstone, Cisco Systems, Identix, Micro Linear, Network Appliance and 3 Do Corp. were all higher.
For the year, the Town Crier Weekly Stock Index of 46 stocks is still up 7.39 percent.