Tech Has Early Short Circuit – AAPL, BIDU, GOOG, AMZN

This morning, it is the tech heavy NASDAQ Composite that is leading all of the major stock indexes lower. The NASDAQ Composite is declining lower by 1.49 percent. Many of the market leading NASDAQ stocks are coming under heavy selling pressure and this is certainly weighing down the index.

Apple Inc. (NASDAQ:AAPL) is the second largest stock by market capitalization behind Exxon Mobil Corp. (NYSE:XOM). This morning, AAPL stock is trading lower by $2.95 to $380.40 a share. Traders can watch for short term support around the $379.50 area and more support around the $376.75 level.

Baidu Inc. (NASDAQ:BIDU) is the leading internet stock in China. This morning, BIDU stock is trading lower by $8.65 to $136.05 a share. Traders should watch for intra-day support around the $133.00 area. This stock is a major component of the NASDAQ 100 Index and should be followed very closely.

Other leading technology stocks that are declining lower include Google Inc. (NASDAQ:GOOG), and Inc. (NASDAQ:AMZN). At this time, the major stocks are all trading together with the major stock indexes. Therefore, if the U.S. Dollar index declines it is very likely that most leading technology stocks will trade higher off of the morning lows.

About Nicholas Santiago 575 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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