Talking Tech Stocks at a Tentative Time
It's not a bull market, according to Michael Yoshikami of YCMNET Advisors.
"The market's had a great rally, but I think it's a bit ahead of itself, in terms of what's happening with the economy," he told CNBC. "Let's all agree that the economy is getting worse slower, but it's still getting worse."
He echoed remarks made on CNBC by former General Electric CEO Jack Welch, that the best current interpretation of the market is a flat line.
That said, Yoshikami is enthusiastic about some selected technology names.
"Nvidia has a huge amount of cash, and is benefiting from tailwind with their relationship with Apple Computer," he said.
And that's not all.
"Nokia is kind of an interesting story," he said. "You're going to go away from safety names into consumer discretionary names, but maybe not the large-ticket consumer discretionary -- I don't see car sales roaring back -- but things like a new cell phone, for example, might be in the cards for consumers."
He said he thinks continuing credit concerns make the atmosphere more encouraging for large-cap companies than for small caps.
"Banks are tightening standards, and we still have lots of write-offs," he said. "We probably have $2 trillion worth of write-offs that we have to deal with, not counting what's happening in commercial real estate, as well as credit cards, out there."
Disclosure information for Michael Yoshikami was not immediately available.