Upturn in corporate capital to drive tech recovery

With the Nasdaq Composite Index hovering around the 2,000 level, the technology sector appears to be breaking through its 12-month downtrend. While it would be foolhardy to predict the bottom has definitely been reached, there is gathering evidence that the sector passed through its cyclical trough during the fourth quarter of 2001 and that 2002 should be a brighter year for the sector as the global recovery takes hold. The January/February period will be critical in this assessment process as companies begin to offer their projections for 2002 earnings. From a market viewpoint, we beli...