End Game: The Strong Keep Chugging
In a market frightened by the end of QE2, ugly Jobless Claims numbers and commodity prices that seem to be moving faster than a small cap stock, Intel Corporation (NASDAQ:INTC) and Amazon.com, Inc. (NASDAQ:AMZN) keep pushing higher. These two stocks were probably the best performers following their earnings releases in the last month. Both stocks soared on earnings and even with the weak market, have done little but continue higher.
Intel looks destined for a double top from its 2010 highs at $24.25. This will be the beginning of major resistance for a stock that has jumped from under $20.00 per share prior to earnings to its current level of $23.65, +0.24 (+1.03%).
Amazon continues its upward climb, now over $200.00 per share. This stock reported stellar revenue numbers as the online retailer seems to have growth in the title again. The stock will enter a resistance area around $210.00 to $215.00.