Tech stocks in focus.

Nasdaq bear up against credit turmoil in early stage (mid of 2007) but January sell off hit this new economy index the most. On 17th of March after Bear & Stearns (BSC) bail out I posted that I expect rebound. Technically speaking double bottom has been formed. Market was oversold and quite resistant against all bad news coming to the street.







Last couple of days we could see nice short rally triggered mainly by tech companies. Index Nasdaq 100 has gained almost 10% during last 2 weeks. I've applied stock screen for all 100 shares included in index. Here you have leaders and laggards in % price change for past 2 weeks.


Company (Ticker) % price change

1. VERTEX PHARMACEUT (VRTX) 72,6
2. Amylin Pharmaceuticals (AMLN) 27,6
3. Leap Wireless (LEAP) 25,2
4. Broadcom Corp (BRCM) 23,9
5. INTUITIVE SURG (ISRG) 23,9
6. eBay (EBAY) 21,8
7. Expeditors Intl. of Washington (EXPD) 21,1
8. Adobe Systems (ADBE) 20,9
9. EXPRESS SCRIPTS (ESRX) 20,3
10. Research In Motion (RIMM) 19,7

91. Liberty Global (LBTYA0 0,5
92. Joy Global (JOYG) -1,3
93. Marvell Technology (MRVL) -1,4
94. Sun Microsystems (JAVA) -1,5
95. Amgen (AMGN) -2,1
96. Citrix Systems (CTXS) -2,3
97. Applied Materials (AMAT) -2,7
98. AUTODESK (ADSK) -3,1
99. Garmin (GRMN) -4,2
100. APOLLO GP (APOL) -18,2

Tech stocks technically.

I wrote this week that I expect rebound for Divx (DIVX). Today stock were off 10% (25% in last 5 days!!!) but nevertheless price turned over and closed by +0,41%. This rebound has formed technical hammer candlestick. I see this as beginning of short term reverse.

Another tech company which I am watching closely is Google (GOOG). Recent selling pressure sent shares to valuation which is very attractive in comparison to growth prospects. Even broad sell 0ff on US markets didn't affect Google too much and stocks closed only with -0,89% change.

OmniVison Technology (OVTI) was leading nice gains this week after company released strong quarter results. Technically OmniVison reached strong support zone at $12 and created already third bottom during last 3 years (attached chart). Better than expected results lifted also some semiconductor producers like Micron Technology (MU). Micron lost around 40% in 2007 but there are already sings of rebound for 2008. Stocks are +3,72% YTD.

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