Broader market indices are hanging on to gains this morning, but technology has been mixed. The Semiconductor Index (SOX.X) has been down most of the morning and now shows losses near 3%. One of the bright spots for the "computer" technology group can be found in the GSTI Software Index (GSO.X) which is up better than 1%. One stock in the group we've been mentioning lately is Adobe Systems (NASDAQ:ADBE).
Adobe Systems Chart - 60-minute interval.
Shares of ADBE are looking fairly strong this morning and traders can see that the stock does have a chance to reach our $35 target where we'd expect market makers to begin trying to shift their inventory risk and perhaps be leaning to the sell side. Traders should be using this as an example for other stocks they're trading in. If you've got a nice profit building in a stock that you perhaps bought on Thursday or late Friday, use the levels to help you in your buy/sell decisions.