Wednesday, July 30, 2008

NASDAQ Technical Picture - Tech Still Underperforming

Another lacklustre day for tech, but a big day for the broader markets as oil finally came back to life with a huge thrust following the crude inventories (CNQ, NOV, OXY, HES). Also strong were coal (JRCC, ACI, CNX) engineering & construction (JOYG, FWLT), and steel (X, CLF).

Tomorrow is the last day of the month, traditionally reserved for window dressing the portfolios. However, tomorrow will have some key economic data to get things started including GDP and initial claims in pre-market , as well as, Chicago PMI at 9:45.

After hours, we had a number of solid earnings reports, most notably from FSLR which raised guidance considerably. Also up were SBUX, TTEK, V, (MA in sympathy with V, reports tomorrow morning), SYMC, DRIV, FLS. On the losing side, AKAM is down some 15% in AH.

As we can see from the charts above, both the NASDAQ and SPX are testing resistance. Not posting the charts tonight, but the overbought situation is intact.

No comments: