Information Superhighway?
What happened to Sun Microsystems
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PowerRating) is a perfect
example of why I listen to the financial news channels during the day. Without
the report, I would not have known until a bit later that Sun posted their
earnings by mistake. Currently, it is down 6 points from its high.
Today’s Tech Watchlist:Â
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PowerRating),
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ADBE |
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Business Objects
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PowerRating) has been in consolidation near its lows since it
gapped lower about a week ago. It set a new near-term low and then pulled back.
On Wednesday, it retested that recent low and bounced once again. While today may
be a capitulation day in the Nasdaq, it would still be worthwhile to keep some
shorts on the list.
Watch for a move below the intraday low from October 12. Look for a new closing
low, followed by a continuation move on the following day.
Understandably, I receive a lot of letters about Adobe Systems
(
ADBE |
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PowerRating).
Let’s take a look at where it stands today
ADBE broke support two days ago when it gapped lower. The former support level
that was holding up the stock has now become resistance, not surprisingly. It
was unable to get through this level on Wednesday. If you are monitoring the
stock, watch for a move above this new resistance area. Note the strong volume
of late as well.
Until later,Â