Wednesday, January 11, 2006

Technology Stocks Leading Market

Technology stocks continue to lead the market higher along with oil service and the brokers. Lehman Brothers (LEH) and Bear Stearns (BSC) hit an all time high today. Merrill Lynch (MER) is at a 52 week high. I hate to say it but I say the Yahoo (YHOO) pullback coming. While watching the tape it was mostly trading in small 100 and 200 share lots while advancing. A sign to me that it has little institutional support above $41. While AMD (AMD) had many large lots (30K, 50K, 150K) while the stock continues to outperform Intel (INTC). Lots of good action in Broadcom (BRCM) (UBS upgrade) today.

Long: LEH, AMD, and BRCM.
Short: None
No Position: BSC, MER, YHOO, INTC


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