Opinions
Joe Terranova
iShares North American Tech-Software ETF
IGV-A
WATCH
Feb 26, 2025
$99.550
Stock price when the opinion was issued
Technology
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TOP PICK
July 31-Nov.8 is seasonality. It's outperformed the market by 4.2% in this period. It's trending higher and consistently. Software stocks are the new defensive stocks because they're adopting the subscription model, like Microsoft.
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COMMENT
How to take advantage of a recession? There has been a great run in the market. He would buy into an alternative offering that allows the manager to be long or short or to get an active manager. You need to be disciplined on your entry and exit levels. His minimum to get into his fund is $50k. He could suggest two ETFs: IGV-T and FTN-N. He thinks it is dangerous to get into a long only ETF at this stage of the cycle.
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HOLD
A great name. He likes their migration to a subscription basis. It has good pricing power and he personally uses their products all the time. They are the defacto standard. A little rich at today's value though. He would also consider the ETF IGV-A to help diversify some of the risk in the space.
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PAST TOP PICK
(A Top Pick Jul 31/19, Down 5%) All the growth names have pulled back. Software stocks tend to be more defensive, so you can hold them during periods of stock weakness. Software is your new defensive play during the summer. July-November still has some seasonal runway, but the chart shows a head and shoulders pattern, so technically the trend is over.
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Watch the negative correlation trade. Over 6 months, IGV is up 15% and semis were flat, but the past month IGV is -5% and semis +1%. Nvidia and CRM report tonight--what will be the impact?