"Our main bets are TMT and cyclicals, despite weakness in the dollar. This time round, it's better founded for TMT, supported by earnings upgrades and a better outlook for 2004," Dugan said.
Telecom equipment makers were the week's stars, with Nokia up 16 percent, Ericsson 14.7 percent and Alcatel 18.5 percent ahead, all helped by a better outlook from Nokia and more companies buying new equipment.
Defensives like healthcare and utilities, and some of last year's cyclical favorites such as autos and basic producers, are down so far this year due to the appetite for riskier TMT.
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