Tuesday, May 23, 2006

Seeing Some Weakness in Tech

The market has pretty much held on to its early gains. But there is some weakness, mostly in tech and semis. Energy stocks are still up the most, and the commodity stocks are getting a strong oversold bounce.

Some of the tech stocks I am watching are fading:

RBAK broke to a new high this morning, but has since reversed into negative territory.

STX broke above its 50-day earlier, but has also reversed into the red.

TXN has also had a negative reversal today, trading near the bottom of its intraday range.

Maybe some of these stocks can rally into the close. But it's not a great sign of strength. I hope these stocks can pick up some sponsorship if this rally builds.

long RBAK, STX


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