The Sky Looks Clear For The Cloud
This morning, the major stock indexes are all trading sharply higher to begin the day. The technology heavy NASDAQ Composite has been the leading index trading higher by 1.57 percent. Last night, International Business Machines (NYSE:IBM) reported earnings that are being well received by investors this morning. The move higher in IBM is setting the tone for the technology stocks today.
Some of the leading technology stocks that are rallying sharply higher include the cloud computing stocks. This group of stocks remains very strong on the charts despite a recent pullback.
Rackspace Hosting Inc.(NYSE:RAX) is a leading hosting provider for businesses and enterprises worldwide. This stock is trading higher by $1.30 to $43.74 a share. Recently, RAX stock pulled back from a short term oversold condition on the daily chart. The stock is now rallying back up towards the recent highs. Short term traders should watch for intra-day resistance around the $44.00 area.
NetApp Inc.(NASDAQ:NTAP) is a leading data and storage provider. This stock is trading higher by $1.45 to $51.63 a share. The stock remains in a large choppy trading range on the daily chart. Short term traders can watch for intra-day resistance around the $52.00 area.
F5 Networks Inc.(NASDAQ:FFIV) is a leading networking company. FFIV stock is trading higher by $4.21 to $116.01 a share. Short term traders can watch for intra-day resistance around the $116.70 area. The daily chart of FFIV remains very strong as the stock is trading above its daily chart 50 and 200 moving averages.
Riverbed Technology Inc.(NASDAQ:RVBD) is another leading networking and communication company. This stock is trading higher by $1.53 to $40.33 a share. Short term trader can look for intra-day resistance around the $40.50, and $41.00 levels. It is important to note that RVBD stock is scheduled to report earnings after the close this afternoon.