Tech sector at a glance

Posted Oct 6th 2008 3:37PM by Todd Harrison
Filed under: Industry, MasterCard Inc'A' (MA), QUALCOMM Inc (QCOM), Juniper Networks (JNPR), Technology, NASDAQ

Minyanville contributor Sean Udall dares to share the kind of keen insight and actionable information you won't find in any prospectus. For more original thought, visit www.minyanville.com.

I've taken a leg in the Ultra QQQ ProShares (AMEX: QLD). The market has popped 2% off lows, the question is will it pop the full 7%?
I'm seeing a few positive divergences and the percentage of stocks below the 50 day moving average is well below the 2002 levels. I haven't looked at the percentage of stocks below the 200 day, but I'm sure the reading should be equally distressed.
I know people are pricing in earnings per share Armageddon in tech land -- so the question is, what happens to many of these stocks if it's really just sort of "punk" and not a total cataclysmic drop in revenue guidance.

F5 Networks, Inc. (Nasdaq: FFIV): It's only down 2% now on they day and is showing you the way.
Juniper Networks, Inc. (Nasdaq: JNPR): Down only 30 cents, see FFIV.
American Superconductor Corporation (Nasdaq: AMSC): It's my favorite wind play and I'll be back in as I've sold the Reg SHO burst a few days back, which now seems like a lifetime.
MasterCard Incorporated (NYSE: MA): Only down 0.73%, yet another future winner. But I would buy Visa Inc. (NYSE: V) first and may do so today.
CME Group Inc. (Nasdaq: CME): Up $11. Hmmm, he who controls the spice...
IntercontinentalExchange Inc. (NYSE: ICE): At $75 and still lower, do they play catch up?
Nasdaq QMX Group Inc. (Nasdaq: NDAQ): Under $30 again, now that may be the gift of the day or even year. I'm adding here!
QAULLCOMM Inc. (Nasdaq: QCOM): Under $40 again. The last time I got aggressive was around here and I don't think 3G and beyond is suffering much. QCOM has as good a chance of guiding higher than guiding lower, which will be very rare for the next couple quarters.