The focus will turn to the Fed’s rate announcement and Chairman Warsh’s press conference today, but the tech sector is still the most important issue on the docket for investors this summer.
We still believe that the decline in the chip stocks…and the dramatic fall in South Korea’s KOSPI Index…are clear warning signs for US investors. The S&P 500 has been able to remain steady so far…and it could even see another bounce or two over the near-term. However, if history is any guide, these developments could be important examples of a canary in the coal mine.
