Some profit taking followed the NASDAQ's opening gap up, but by mid-morning the market reversed off of its lows and followed up with a steady climb into the close. Most major tech sectors participated except software (RHAT and SYMC). Biotechs were very strong on the heels of some good earnings including CELG, which closed at an all time high.After hours, AKAM reported a healthy quarter, beating by 0.02 cents, but failed to dazzle. Guidance was just slightly above consensus. Same type of reaction to MSFT.
Tomorrow's economic calendar includes GDP at 8:30 EST, followed by Michigan Sentiment at 9:50.
2 comments:
Based on todays market decline, is breakout still good or is it false now?
hortly after 1:00 p.m. EST, it was reported that Goldman Sachs is cutting its growth forecast for motherboard shipments. After the broker reportedly said motherboard demand is "falling off a cliff," tech stocks did just that, selling off and removing notable sector leadership that took a toll on overall sentiment. Prior to this report, the QQQQ was forming a bearish rising wedge on the 15 minute timeframe and I was just waiting for it to break. I don't know what sort of follow through we will get next week, but for now let's call it a failed breakout.
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