“The” Non-Tech
This morning I looked at the stock that is often considered a key indicator
of the status of the tech sector, Cisco Systems. Now I want to take a look at
the stock that use as an indicator of the status of the Dow and S&P, General
Electric.
General Electric
(
GE |
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PowerRating) has held up quite well. Since coming off its lows in
June, it has established an upward trend following each breakout. Currently, it
is trading a few percent off its high, following another bounce off of the
trendline.
Today’s Watchlist:Â
(
VERT |
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PowerRating),
(
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PowerRating)
VerticalNet
(
VERT |
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PowerRating)
used to be one of my favorite stocks to daytrade, because the breakouts had such
solid follow through. In recent times, the stock has not been acting as well. Based
on the near-term action, VerticalNet is poised to break down below another
support level, offering a short opportunity. There may be more buyers lurking
near the low from May, so use some caution. Waiting for a move below this level
would be the most conservative way to play the stock.
Broadvision
(
BVSN |
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PowerRating) is also trading near support. Once a
high-flyer, BVSN was unable to mount a serious comeback during the last broader
market rally. Watch for a move under the lows from July for a short
opportunity. With the market acting so indecisively, consider trading based only
on moves backed by strong volume. The volume has been trading consistently for
the last month, so a series move is likely to see heavy trade.
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Until later,Â