By Nicholas Santiago on March 5th, 2010 3:26pm Eastern Time
The market is surging higher today after the government released a better than expected job report. Most traders and investors anticipated the government would release good numbers after telling the public earlier in the week to expect a bad number due to the February snow storms. With today's sharp move higher there are a few stocks that are not participating and should be watched next week after today's euphoria is over with.
The first stock that is not reacting well today is Research In Motion (Nasdaq:RIMM). The stock is down just 0.40 cents today trading at 69.58. Nonetheless, it is negative in a very strong tape. If the market starts to show weakness next week this stock should be watched closely.
Qualcomm Inc (Nasdaq:QCOM) is another stock that is slightly negative today trading lower by .50 to 38.75. Qualcomm Inc has had it's fair share of problems lately as it is still lower by over 10 points from it's January high. Should the market start to pull back next week this stock could test it's recent lows at 35.50 and possibly 32.00 if that support level fails to hold.
Microsoft Corp is another stock that is slightly negative today. The stock is lower by just 0.06 cents to 28.56. Again, this is another leading stock that is down in a bullish market. Microsoft Corp is also forming a slightly bearish chart pattern on the daily chart which could trade down to the 27.50 level.
Whenever the market gets euphoric as it is today it is important to look at the laggards. Then when the market starts to get weak or pulls back these names may lead the decline.
Nicholas Santiago
Chief Market Strategist
InTheMoneyStocks.com
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