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I don’t have to tell you that the stock market tickers were painted red yesterday. Every one of the major indices we track was down at the end of trading: FTSE 100 by 3.4%; Nasdaq by 5.1%; Techmark 100 by 4.2%; FTSE SCS by 5.2%; even Tech Hardware fell by 4.8%. The FTSE 100 is down another 2% as I write. Almost every UK SITS stock we track is down too.
We are often accused of being the Cassandra of the analyst world and that we are far too pessimistic about the prospects for the UK software and IT services market. Indeed, we have just trimmed our forecasts yet again (see Two more years of market misery). Now I wonder whether we haven’t been pessimistic enough!
