By InTheMoneyStocks on May 13th, 2010 10:22am Eastern Time
This morning the leading internet stocks are on the move trading higher. This sector is giving a lift to the tech heavy NASDAQ index.
Ebay Inc. (NASDAQ:EBAY) is the leading online auction company that has been beaten down lately on the charts after making a high in late March $2010 around $28.00. Today the stock is trading higher by $0.55 cents to $23.04. The stock has short term daily chart resistance around the $23.75 level.
Amazon.com, Inc. (NASDAQ:AMZN) is trading higher by $2.55 to $136.42 this morning. Amazon Inc is the leading online retailer that has bounced sharply from last Thursday's flash crash. The stock will have short term resistance on the daily chart around the $138.00 level.
Google Inc. (NASDAQ:GOOG) is the leading online search engine worldwide. The company has really sold off sharply since pulling it's business operations out of China. The stock is trading higher this morning by $11.11 to $516.70. Google Inc will have short term daily chart resistance at the $522.00 level.
Baidu, Inc.(ADR) (NASDAQ:BIDU) is the leading search engine in China. The stock has surged to new all time highs after Google Inc pulled out of China. Baidu Inc recently split their share price and is now trading very heavy volume. This stock is starting to look extended on the daily chart, however, it is still in a sharp uptrend.
When the leading internet stocks trade higher they will usually keep the technology heavy NASDAQ strong for the day. Should these stocks begin to pullback or reverse lower the index will come under pressure. The NASDAQ is holding up very well today considering Cisco Systems, Inc. (NASDAQ:CSCO) is now trading lower by $0.90 cents to $25.80 after reporting earnings. Cisco Systems Inc is a leading stock and a major Nasdaq 100 component.
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