Last night's news out of wireless telecom Qualcomm (NASDAQ:QCOM) $25.72 that the company raised its CMDA chipset guidance for the fourth quarter of this year and the first quarter of next year, as well as electronic circuit board maker Jabil Circuit's (NYSE:JBL) $16.67 beating EPS estimates by a penny on revenues that actually rose 4.7% year-over-year is giving a boost to technology stocks this morning.
Some investors do remain skeptical of Qualcomm's (QCOM) bullish statements as the company did not increase sales or earnings per- share targets. Shares of Qualcomm (QCOM) are currently trading up 6.9% at $27.50 in pre-market action.
European chip stocks had Philips Electronics (NYSE:PGH) and STMicroelectronics (NYSE:STM) trading up 3.4% in Amsterdam and 2.2% in Paris respectively, after both stocks traded at new 52- week lows yesterday.
Traders are looking at a higher open this morning as S&P futures (sp02z) trade higher by 8.3 points at 850, NASDAQ futures (nd02z) are higher by 13 points at 885.50 and Dow futures (dj02z) are gaining 42 points at 7,955.
Fair value for the S&P 500 today is $1.30. That price will not change during the session. HL Camp & Company has their computers set for program buying at $2.00 and set for selling at $-2.00. Fair value for the NASDAQ-100 today is $4.50.
NYSE Bullish % reverses to "bull correction"
After reversing back higher to "bull confirmed" status on August 12, 2002, the very broad and slower/more methodical moving NYSE Bullish % ($BPNYA) from www.stockcharts.com has reversed back lower into "bull correction" status at 38.25%. In essence, 38.25% of the stocks listed on the NYSE currently have a point and figure "buy signal" associated with their supply/demand charts. This is a more defensive posture and follows the recent triple-bottom sell signal in the NYSE Composite ($NYA.X) 457.99 we alerted traders to at 470 on Wednesday.
Of the major market bullish % charts, only the also broad NASDAQ Composite Bullish % ($BPCOMPQ) remains in a column of X and "bull alert" status at 31.56%, but a reading of 30%, would have this market reversing back into "bear confirmed" status.