Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Two Ways: Tech Hoping to Keep the Ball Rolling


Strengthen your portfolio in good times and bad.

Tech Looking Toppy?

The tech heavy Nasdaq Composite has been on quite a winning streak, chalking up 11 consecutive higher closes and leading some to believe that stocks may be due for a pullback. But according to Professor Jason Geopfert, that winning streak has happened 17 times since 1971, rarely ever marking a meaningful top despite being "overbought" in some sense by the time it recorded 11 victories. 10 out of those 17 instances, he said, the index managed to rally for 12 or more days and usually took several weeks (if ever) to see a pullback of significance.

For more trading context, check out Toddo's Fundamental Cause and Flaws.

From the Bull Pen: Tech bulls do have the momentum. Bulls already playing the Ultra Q's (QLD) can continue to ride the stock with a trailing 2% sell stop. A pullback to $39-40 could offer another entry should it ever happen.

From the Bear Cave: Bears can eye Baidu (BIDU) for a short term trade. Watch for follow-through below yesterday's low ($321) on a backtest towards $300-280. A buy stop can be set 2% above entry.

Quick Check Around the World

Asian trading closed with the Hang Seng 2.96%, India 2.61%, Shanghai 0.97%, Nikkei 0.72%, and Taiwan -0.06%.

Glancing towards Europe, we see the FTSE -0.22%, CAC -0.71%, DAX -0.17%

As of 8:20 AM EST, S&P Futures are trading +5.500 to 955.00 and Nasdaq futures are +6.750 to 1563.25.

A Look at Commodities

Over in commodities, crude oil is trading -0.17 to 65.23 while gold is -0.100 at 953.20 this morning. Silver is +0.600 to 13.76 and copper -2.55 to 249.50.

The dollar index is +0.0600 to 78.9200.

On the Radar


08:30 Initial Claims
10:00 Existing Home Sales 4.80m cons.

Click here for the full trading radar.

Do Thirsty Thursday's still happen at Zephyr Field? Wish I was there. Have a great day!
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos