A 6-point gain for the Nasdaq isn't the big patriotic rally everyone was hoping for, but it is calming to see the markets stabilize after yesterday's steep drop.
Nokia Daily Chart
Nokia (NOK) is helping keep the Nasdaq in positive territory by gaining 2.20% today. That comes on the heels of yesterday's 12% gain. Part of the demand for Nokia stock comes from the company reaffirming earnings guidance, and some of it can be attributed to the use of cell phones as an essential communications tool during last week's attacks. The jump over the past two days has helped to stop Nokia's slide, but the stock will still have to deal with resistance as the initial demand wears off. First up is the three-month downtrend that Nokia is stuck in. Just above that is resistance at $16.90. If those two levels can be cleared, then perhaps Nokia can move higher.
Motorola Daily Chart
Shares of Motorola (MOT) are also getting a nice 4.66% jump today, but might just be forming a bear flag rather than reversing trend. Resistance at $17 looks too formidable for Motorola to move significantly higher.
Sprint PCS Daily Chart
Sprint PCS (PCS) dipped 29 cents yesterday, but was able to keep a five-month up trend intact. That keeps Sprint inside a big ascending triangle. In order to break out to the upside, Sprint first has to have to deal with the 50-day and 200-day averages and resistance at $25.90. Closing above $27.50 on good volume would be the final test.
12:00 EST Update
Link, link, Spect-ra-Link
Shares of SpectraLink (NASDAQ:SLNK) haven't suffered like many networking stocks, or technology stocks for that matter and today's action has the stock trading at a new 52-week high. I'll be darned if I can find an article I know we wrote in recent past regarding SLNK, but I've been typing up some stock symbols of stocks I had previously characterized as "strong" and this one looks to have not lost any favor.
SpectraLink Chart - last 10 months
Recent 144 filings (insider sales) show that insiders at SpectraLink (SLNK) have been selling some shares, but the market seems to be buying the stock and driving it higher. In the wake of recent events that seems ludicrous! Does the MARKET know something that insiders don't know? Maybe it's the company's strong balance sheet with little debt in an environment where that has become a concern for many technology stocks. Regardless, it is a good sign to see a strong stock that was exhibiting some leadership continue to act strong. Yesterday's sharp rebound after a lower open and today's follow through gives hint that the MARKET is still interested in the stock. Support should be firm at the $16 level. Current point/figure analysis shows a triple top buy signal at $17.50 and bullish vertical count of $28.