Paul Shread

The Nasdaq’s (first chart below) stochastics are getting pretty oversold, and the index formed a potential reversal candlestick on a day where there was lots of put buying. Can the index finally turn up? It’s a good set-up if it wants to. Support is 1640, 1625 and 1600, and resistance is 1685. The S&P (charts […]

Emulex gave the battered tech sector a glimmer of hope after the close on Thursday. The company beat earnings and revenue estimates, and reaffirmed guidance. It was the second bit of good news for the storage sector this week, after EMC’s upbeat analyst meeting yesterday. Emulex managed only modest gains after hours, though. The stock […]

The Nasdaq and S&P (first three charts below) are at critical levels here. If the Nasdaq can bounce from here, upside is still possible because the index might have completed a three-wave correction off the top, an ABC correction in Elliott wave terms. 1640-1648 is first support, then 1625 and 1600. 1685 is major resistance. […]

Cisco Systems plunged 6.4% Wednesday on disappointing results, but the surprise was that the rest of the market held up fairly well under the circumstances. EMC even managed a 4% gain on the company’s upbeat analyst meeting. One problem with Cisco’s numbers was falling margins. Without rising margins, Cisco will have to rely on growth […]

McDATA has unveiled a new low-cost fabric switch aimed squarely at Brocade’s business. The McDATA Sphereon 4300 is built for the smallest enterprises and the edge requirements of larger companies, the company reports. It’s available as a four-port switch and can be upgraded to eight and 12 ports without disruption to data traffic, thanks to […]

Cisco met estimates after the close on Tuesday, but investors were looking for more. Earnings of 15 cents a share matched analysts’ estimates, and revenues of $4.7 billion topped $4.68 forecasts. But the stock fell 5% after hours, as investors looking for signs of a stronger rebound in tech spending were once again disappointed. Forward […]

The market came close to doing a lot of technical damage today, but recovered much of it by the close. The Dow (first chart below) broke its all-important March channel line, but managed to climb back in by the close. If it goes much below 9160 tomorrow, it will break that line again. 9100, 9050 […]

AOL sent shares of Monster Worldwide skidding Monday when it dumped the help wanted provider for rival CareerBuilder.com. MNST stock slumped 14% on the news. CareerBuilder’s stock might have gone up except for the fact that it’s no longer a publicly traded company. It’s now a partnership of Gannett, Tribune and Knight Ridder. The CBDR […]

PyX Technologies unveiled an iSCSI platform today that the company claims is the first to deliver error recovery capabilities previously available only in Fibre Channel architectures. PyX, a self-funded start-up that came out of stealth mode today at LinuxWorld, says it is the first company to deliver iSCSI server and client software to OEMs and […]

The market needs to head up from the get-go on Monday or we’ll get our first real technical damage. The Dow (first chart below) is clinging to its all-important March channel line. If it holds today’s low of 9138 on Monday, it could form a bullish ascending triangle. If it can’t, the market has lost […]

A funny thing happened to the stock of StorageNetworks yesterday when it announced plans to liquidate. It went up. Faced with a business model that wasn’t working, uncertain alternatives, and potential acquirers who weren’t willing to pay what the company was worth on paper, StorageNetworks chose instead to liquidate. And a 69-year-old notion of stock […]

Some very good economic reports today, and yet the Dow (first chart below) tried to break out yet failed. Surprising weakness, but it could just be jitters ahead of tomorrow’s unemployment, Michigan sentiment and ISM reports. With any luck, we’ll know better we’re the market is headed by 10 a.m. tomorrow. 9352 on a closing […]