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Gualberto Diaz

The Art of Money

No Strength In Tech

Posted on 01/19/2007 10:05 AM | Link | Post Comment

Earnings season has not kicked off well for the tech companies.  SAP and AMD disappointed last week.  This week Intel, Apple, IBM, and Motorola disappointed.  I include Apple even though they blew last quarter's earnings out of the water because they lowered guidance for this quarter.  Nasdaq 100 has shown weakness because of this, and yesterday we had the most volume on the QQQQ we've seen since July.  Looking a the daily chart, it looks like we hit resistance last week on the bottom side of the trend line.  Right now I see some support at 43.50, and then again at around 42.90.  If we break those two I think we could see 40.

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