Tech Sector Rally Pushing Stocks Higher Today

(RTTNews) - With technology stocks helped to lead the way higher, significant strength has emerged on Wall Street on Wednesday. The major averages have climbed firmly into positive territory, adding to the gains posted in the previous session.

The markets have benefited from considerable strength among tech stocks, which have shown a substantial move to the upside despite disappointing guidance from semiconductor giant Intel (INTC).

While Intel reported better than expected second quarter earnings after the close of trading on Tuesday, the company also reported weaker than expected revenues and lowered its full year revenue growth outlook. Nonetheless, shares of Intel have risen by 2.8 percent.

Other semiconductor stocks are moving sharply higher along with Intel, driving the Philadelphia Semiconductor Index up by 2.9 percent. With the gain, the index is regaining some ground after ending the previous session at a nearly seven-month closing low.

Networking and computer hardware stocks are also seeing considerable strength in late morning trading, with the NYSE Arca Networking Index and the NYSE Arca Computer Hardware Index both advancing by 2.4 percent.

Most of the other major sectors are showing more modest moves, although notable strength is visible among defense, health insurance, and oil service stocks.

The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is up 69.37 points or 0.5 percent at 12,874.91, the Nasdaq is up 26.62 points or 0.9 percent at 2,936.65 and the S&P 500 is up 6.76 points or 0.5 percent at 1,370.43.

 

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7 thoughts on “Tech Sector Rally Pushing Stocks Higher Today

  1. The tech sector should be doing good because it is back to school in about one month and the Kids have started or will be starting to make their computer purchases.

  2. Now just think if you traded options instead of stock. And then if you traded futures instead of options. Your gain would have been about 300%.

  3. Some tech stocks may be making move to the upside, but RIMM is still on its way down.

    I back tested MarketClub's Trade Triangle signals out of curiosity since I noticed RIMM was a -100 Score in my portfolio yet tech stocks had made moves to the upside. As an intermediate term trader I used the method of using Red Monthly/Weekly Trade Triangles to enter into a short position and then the Green Weekly Trade Triangle to signal the exit of a trade. The Trade Triangles have kicked butt since 3/25/11, with a 54% gain, 7 trades (if you include exiting out today) with only one of those taking a loss.

    Here's what I saw:

    3/25/11 RED Monthly TT Short @ 57.48
    4/28/11 GREEN Weekly TT Out @ 56.23

    +1.25

    5/2/11 RED Weekly TT Short @ 48.20
    8/19/11 GREEN Weekly TT Out @ 27.65

    +20.55

    9/16/11 RED Weekly TT Short @ 26.44
    10/12/11 GREEN Weekly TT Out @ 24.60

    +1.84

    10/31/10 RED Weekly TT Short @ 20.21
    1/12/12 GREEN Weekly TT Out @ 15.86

    +4.35

    1/24/12 RED Weekly TT Short @ 14.78
    3/30/12 GREEN Weekly TT Out @ 14.75

    +0.03

    4/3/12 RED Weekly TT Short @ 13.06
    4/30/12 GREEN Weekly TT Out @ 14.43

    -1.37

    5/8/12 RED Weekly TT Short @ 11.71
    Today - if you were to exit Out @ 6.90

    +4.81

    Total = +31.46

    Not bad ๐Ÿ™‚

    1. That is the first quantifyied implementation stragegy I hoave seen as a curisoy seeker here.

        1. Pauln,

          I like to go through stocks just to see how the Trade Triangle have done. I also make sure that I'm looking at them w/ the same method. So, I trade equities on an intermediate term basis, so I'm always looking at Monthly TT to determine my initial in (go w/ that trend direction) and then exit on non-corresponding signals (so the weekly). It works well when things aren't sideways moving, so I keep an eye on my Chart Analysis Score to point out a dud.

          There are many ways to read the TTs, but consistency is key ๐Ÿ™‚

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