Reviewing a Quartet of Tech Plays
For the first time in what feels like a long time, tech is leading today. Clearly, it hasn't been that long, but the tech trend has been so weak, today's outperformance isn't quite as robust as one might think it would be if real interest is moving back into the sector. Rather, this feels a bit more like short covering and a small expiration move. It is a good time to do a quick review on some of these charts.
First, Apple (AAPL) threatened another breakdown this morning, but a strong consumer sentiment mixed with some iPad mini rumors and an oversold nature helped the stock find some support. The overall picture is still short-term bearish, but the support level is fairly obvious -- at this point it is falling in the box that has defined the lows for the last three attempts at a move lower. The last few Fridays have involved crazy moves after the first 90 minutes, so I wouldn't be surprised to see $640+ or back down to $625 on this one. I would close out the October 12 $620-$635-$640 skip strike call butterfly here above $10.00...335 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.