The abbreviation 3-G has been used to describe the Third Generation of cell phone technology. This was the leap from simple telephone calls to text, internet retrieval, instant messaging, etc. I am borrowing the term to connote the leaders in this stock market. Without the leadership of Goldman, Sachs (GS), Google (GOOG) and General Electric (GE) this market will find it difficult or impossible to launch a sustainable increase. For good measure you can throw in another G, General Motors (GM). The Big Three chief executives will face a blistering assault later this afternoon as they go hat-in-hand to Congress for a bailout. As GM goes so goes the nation?
Hewlett Packard announced better than expected earnings this morning. In pre-opening trading that has lifted tech stocks as well as the market. While encouraging, I am wondering how much of HP’s news is company-specific and not an indicator of general business improvement.
