By Nicholas Santiago on June 22nd, 2010 11:32am Eastern Time
Today the NASDAQ Composite is trading positive so far. Yesterday the NASDAQ staged a 55.00 point reversal from peak to trough closing sharply negative. The inflationary stocks such as energy stocks and commodity stocks are all trading lower on the session this morning. It is the tech heavy NASDAQ stocks that are keeping this market from becoming unglued. Today many of the leading technology names are trading higher.
Apple Inc (NASDAQ:AAPL) staged a 9.00 point reversal yesterday into the close after hitting a new 52 week high. Today Apple Inc is catching a modest bid trading higher by 3.12 to $273.25. At this time the stock is holding up well. Apple Inc will have intra-day resistance around the $275.00 – $275.50 levels.
Google Inc (NYSE:GOOG) is also trading higher today by $6.18 to 494.75. Google Inc sold off sharply yesterday staging a 20.00 point reversal from peak to trough. Google Inc will have intra-day resistance around the $497.50 level.
Amazon Com Inc (NYSE:AMZN) is trading higher today by 1.25 to $123.86. Amazon Com Inc is rebounding a little today after yesterday's 5.00 point reversal from intra-day high to the close. AMZN will have good intra-day resistance at the $125.00 level.
The major market indexes are trading at or near the flat line. However, the NASDAQ composite is trading higher by 11.00 points. It is the leading technology stocks that are keeping the markets glued together. As long as these leading stocks hold up the markets should be fine today. However, if they start to sell off watch out below as things could turn ugly very quickly for the markets.
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