This 6.2%-Paying Fund Is Wildly Overbought [Forbes]
Columbia Seligman Premium Technology Growth Fund Inc (STK)
US:NYSE Investor Relations:
columbiathreadneedleus.com/investment-products/closed-end-funds
Company Research
Source: Forbes
But as we'll discuss below, recent market moves also suggest some parts of the technology sector are starting to look just a little overbought now—especially one 6.2%-yielding tech-focused closed-end fund (CEF) I know that's a lot to lead off with, so let's break it down. A week and a half before Christmas, and before last year's Santa Claus rally, I wrote that we didn't want a Santa Claus rally to end '23. That's because these year-end market bounces have historically led to the following year to be weaker for the markets. Nonetheless, stocks gapped higher as the calendar flipped to 2024! That was a nice ride, to be sure, and the cheer of the holiday season made me feel like a Grinch, because I was pretty sure this jump would lead to a January hangover. And it did in the days immediately following the arrival of the new year! That drop on its own took a big slice off the Santa Claus rally. And to be sure, starting the year with such a decline could lead one to worry about a
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