S&P: Nasdaq Looks "Extremely Oversold"

From a technical view, S&P sees some positive momentum divergences on daily charts, suggesting a possible counter-trend rally is due

From Standard & Poor's Equity Research

Here are the notes from Standard & Poor's Investment Policy Committee meeting, held on Wednesdays.

Fundamental Outlook

S&P Equity Strategy upgraded the S&P 500 Telecommunications Services sector to overweight from marketweight. Our upgrade is based largely on the opportunities we see for the companies to use their growing free cash flow to invest in the business and enhance shareholder value through stock repurchases or special dividends. In addition, we believe the sector's above average 3.4% dividend yield will likely help it outperform given limited economic visibility and increased risk aversion.

  S&P's Asset Allocation
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