David Pescod's Late Edition David Pescod's Late Edition. March 5, 2013
DOW JONES 14254.00 +126.18
S&P/TSX COMPOSITE INDEX 12736.04 +28.63
The Dow Jones hits a new all-time high, or put another
way, gets back to where it was 5.5 years ago.
High profile analyst Laszlo Birinyi had predicted better
times and now he suggests it is time to buy mining and
technology shares as the bull market ages. (There are defi-
nitely some cheap mining stocks to be had!)
Bloomberg notes, “Laszlo Birinyi, one of the first money
managers to tell clients to buy before the bull market be-
gan in March 2009, said investors should buy commodity
and technology shares as the rally enters its fifth year.
“People are now starting to realize that it is a bull mar-
ket,” Birinyi said in an interview on Bloomberg Radio’s
“Surveillance” with Tom Keene and Michael McKee. “It’s
not going to come back, you’ve missed the train and the
train still has a long way to go. But you better get on it.”
He continues, “Banks may have run their course,” said
Birinyi, president of Birinyi Associates Inc. in Westport,
Connecticut. “The strong economic stocks are where we’re
starting to find ways to play the market.”
They continue, “As the bull market starts its fifth year
this week, extending beyond the average length of cycles
since 1962, it is in the midst of its final stage, in which
three past bull markets have gained 20 percent, according
to Birinyi.”....