The 30-year treasury has broken a level of resistance on price here this morning as "election blues" linger on. MACD on the above time frame has now moved below zero and bond prices look higher, thus yields lower. We're now setting an alert at the 5.624% level as this was where the 30-year did an about-face back in April.
Portal Software beats estimates, then trades lower
Internet infrastructure company Portal Software (PRSF) announced earnings late yesterday of 4 cents a share, which easily beat analysts' estimates of 2 cents a share. Analyst Susan Passoni at CS First Boston said investors might be disappointed by the results, as gross margins and license revenues were below expectations. We're seeing trades in the pre-market at $9.25, well below yesterday's close of $18.63.
Portal Software Chart - last eleven months.
Shares of PRSF would have made an attractive short earlier this month when the stock rallied right to downward trending resistance and its 50-day MA. MACD at that time was just below the zero level. Traders can be scouring their charts looking for similar set-ups and bullish traders should avoid buying stocks with the above technicals.