Sunday, October 16, 2011
Technical Picture - Best Weekly Performance since July 2009
The broader market scored its strongest weekly gain since July 2009 and the Tech heavy Nasdaq had its best weekly performance since March 2009. A commitment early this week by leading eurozone officials to develop a comprehensive plan intended to stabilize precarious conditions and shore up capital at European banks sent a strong signal to global investors. It also got the week started on a strong note. The stock market rallied more than 3% on Monday. JPM results were a drag on the banking sector mid-week. Strong results from Google on Thursday night, helped prices press higher on Friday, even though we are hitting up against resistance.
Earnings will be key this week as many Tech heavyweights are scheduled to report including AAPL and INTC on Tuesday. Markets are overbought and will correct soon.
LNKD is starting to make a move ahead of earnings scheduled for Nov. 3rd.
OVTI carved out a bearish reversal bar on Friday, following the disclosure that their video chips have been replaced by Sony chips in the new iphone iOS4. Unconfirmed by OVTI. Speculation that maybe Apple used more than one supplier for its iOS4 video chips.
Posted by TJ at 10/16/2011 04:41:00 PM