Tech That Still Looks A Wreck
The NASDAQ Composite has been the strongest major stock index recently. Yesterday, the tech heavy index soared higher by nearly 2.5 percent. Leading technology stocks such as Apple Inc.(NYSE:AAPL), and Google Inc.(NYSE:GOOG) have lead the NASDAQ higher since late June 2011. While many leading technology stocks have soared recently there are a few leading tech stocks that just seem to be dead money at this time.
Research In Motion LTD.(NASDAQ:RIMM) is a leading designer and manufacturer of wireless mobile devices. This stock has been in a steady decline since February 2011 when the stock traded as high as $70.50 a share. The stock remains in a downtrend at this time by trading below its daily chart 20 and 50 moving averages. This morning RIMM stock is declining lower by 0.67 cents to $26.09 a share. The stock will have very good daily chart support around the $21.00 level. Short term traders can watch for intra-day support around the $25.50, and $25.00 levels.
Hewlett Packard Co.(NYSE:HPQ) is another leading technology stock that remains very weak despite the recent technology rally. HPQ stock remains below the important 50 and 200 daily chart moving averages. This pattern puts the stock in a weak technical position at this time. Short term traders can watch for intra-day support around the $35.00 area.
Other leading technology stocks that look to be very weak on the daily charts include Cisco Systems Inc.(NYSE:CSCO), and Yahoo Inc.(NASDAQ:YHOO). These stocks do not seem to be as innovative as they were in the past. Until these stocks can regain and trade above there important 50 moving average these stocks can be good for short term trades and really nothing more.