Net Not Working
As I mentioned earlier, the tech sector remains weak. Currently,
there is no intraday recovery in sight, but I remind you, anything can happen in
the last hour.
Leading the group lower today is the Networking Sector. Thanks
Nortel!
All day I have been listening to more bearish predictions on the
financial news channels. Of course, no one seems to take a look at the bigger
picture of the Nasdaq Composite. While it may not concern daytraders much, for
those of us who hold long-term positions, it is always of interest.
It appears that the Nasdaq is still the same path that I
mentioned in May. The quarterly chart helps to remove much of the volatility.
Intraday on Wednesday, the Nasdaq futures are consolidating near
their lows.Â
Today’s Tech Watchlist:Â
(
RMBS |
Quote |
Chart |
News |
PowerRating),
(
TUTS |
Quote |
Chart |
News |
PowerRating)
With chips the talk of
Bearville today, I have been following the intraday patterns of many members of
the group. Rambus
(
RMBS |
Quote |
Chart |
News |
PowerRating) took out its intraday support level at roughly
1:10PM. Since that time, it has been unable to move back above this area.
Support has become resistance. Should the chips remain weak, there may be a
short opportunity in many of the big name chips. Also worth watching in this
group is Maxim
(
MXIM |
Quote |
Chart |
News |
PowerRating).
Also on the short side is Tut Systems
(
TUTS |
Quote |
Chart |
News |
PowerRating). Tut has been
trending lower since peaking in late-August. Currently, it is poised to retest
its April lows, which are key. Should it break this key support level, it may
provide a potential short opportunity. Set your alerts near 25 as well as the low
from April and watch for a move below this level.
Until later,Â