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The Nasdaq is down 43 points this morning, with Google (down $12) and RIMM (down $3) leading the charge down the hill, so to speak. I think we’re seeing the first symptoms of anther false bottom, which sounds incredible after hearing from so many experts on Wall Street that the end of the recession/depression is near. Not so, I’m afraid. George Soros, who smugly announced recently that he was “having a pretty good financial crisis”, threw more water on Wall Street’s little bonfire of late, saying that the U.S. dollar is nearing its final death throes and any recovery we …

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CNN’s Rick Sanchez is the latest victim of the “Twitter” curse. Sanchez, a CNN on-air anchor, reportedly fell victim to a phishing scam that could undermine the investment rationale for Twitter by big investors, one of the most popular social networking sites on the internet. In a “tweet” on Monday, Sanchez’ account displayed the message "i am high on crack right now might not be coming into work today". For the record, Twitter says that Sanchez’s account was hacked, another red flag for investors looking to plow money into social networking sites. Social networks are a lot of fun, and …

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Oracle, Research and Motion and Palm are all releasing earnings statements today, and that should pick up momentum in what has been a fairly dormant technology trading week. The web site Tradingmarkts.com thinks the earnings news means opportunity in two technology-heavy exchange-traded funds (ETFs); Technology Select Sector (SPDR ETF XLK); and the ProShares Ultra Technology ETF, ROM. Both ETF’s have more tech company assets than most tech indexes, and has a two-to-one weighting over the Dow Jones U.S. Technology Index. Could be a quick score, there. Elsewhere, trading is light as the Christmas-New Years season looms and traders and investors …

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It almost seems out of place – like a spritz of a lilly inching up through the crusted snow after a long winter – to report some good economic news these days. But there it is, in the form of an investment forecast by the investment bank UBS that says the U.S. stock market will rise, and significantly, in 2009. “The consensus outlook for 2009 is a full year of gloom,” writes UBS analyst David Bianco in a research report released this week. “We believe 2009 will bring signs of a dawn in confidence with the first faint light appearing …

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Will the new iPhone chomp into Blackberry’s market share? Some thoughts on the subject are bubbling up on Wall Street, with the sentiment leaning toward Research in Motion, the company that manufacturers the Blackberry, being in good shape for the short term. After all, the iPhone is great if you’re an Apple computer user, but not so much if you’re not. Most corporate users aren’t Apple users, and are reasonably happy with their Blackberry’s. Not too many IT directors are going to take a sledgehammer to their telcom infrastructure to make way for a cell phone that isn’t as compatible …

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With the stock market down 300 points, once again thanks to high oil prices (now over $140 per barrel), technology stocks should be directly in the line of fire. But they’re not – and some big shot investors think the technology sector might even be a good defensive stop-gap until the economy rebounds. Take Diane Garnick, a fund manager at Invesco, a firm with over $500 billion in assets under management. She made the case for tech stocks today on the Tech Talk pod cast, arguing that, in a tough economy, companies will look to technology to help them cut …

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RIMM and its ubiquitous Blackberry is back in the financial news this week, after Goldman Sachs raised its target price on the Research in Motion to $163 from $148. Why not? Cell phones, especially multi-functional ones like the Blackberry, are the bumper crop of this year's tech toy marketplace. And they're growing even more multi-functional. Says Strategy Analytics, in a new report out last week, cell phone heavyweights like Blackberry and Apple are pioneering fresh revenue streams for the mobile handset industry with their emerging push into value-added services such as navigation, email and music. Current revenues for all three …

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The End.