These Leading Tech Stocks Can't Catch A Bid
This morning, the major stock indexes are soaring higher at the start of the trading session. The highly popular NASDAQ Composite is surging by 1.50 percent. Whenever there is a rally of this size it is always important to note the weak equities that are not rallying higher with the major stock indexes. Stocks that fail to rally higher on a day like today signal weak relative strength and could be signaling future weakness should a downturn occur in the major stock indexes.
Netflix Inc. (NASDAQ:NFLX) is a market leading tech stock that is trading lower today by $8.14 to $220.60. This is a decline of more than 3.0 percent on the session for the popular tech stock. NFLX stock just made new 52-week highs on May 16, 2013 when it traded as high as $248.85 a share. Day traders should watch for intra-day support around the $214.75 level. Should NFLX stock break below that area the next important intra-day support level for NFLX stock is going to be around the $204.18 level.
Some of the other market leading stocks that are struggling to trade higher today include Broadcom Corp. (NASDAQ:BRCM), Facebook, Inc. (NASDAQ:FB), and Research In Motion Limited (BBRY). Remember, stocks that fail to trade higher when the major stock indexes are rallying higher could be candidates to decline further when the major stock indexes stall out.