>>the techs could outperform for awhile here<<
Maybe. On Friday XLK (technology Select SPDR) closed above the 50-day MA for the first time since early March...
stockcharts.com[h,a]daclyiay[dc][pb20!b50!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
Lets see how things go on Monday. Cody Willard at TheStreet.com is positive on tech...
Tech's Under-the-Radar Rallies Just Getting Started?
5/13/05 8:38 AM ET
Quietly, almost completely unnoticed by most traders, tech has suddenly found its footing and -- yes, it's true -- even had some steady rallies of late. It's been mostly big-cap, old-school stocks that have put on the biggest moves, with stocks like Applied Materials (AMAT:Nasdaq), Cisco (CSCO:Nasdaq) and Corning (GLW:NYSE)popping higher in the last couple weeks. Indeed, Corning's been hitting 52-week highs on a regular basis, and Cisco's battled its way back to almost even on the year.
It's moves like these that have had the good Reverend Shark writing about his sense that there's been a change of character in the market. The important question from here, of course, is whether these under-the-radar rallies are just beginning or whether they're already burning themselves out.
Net long CSCO, GLW, GOOG, NVDA
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