Big Blue Feeling Anything But:
Patience is a virtue in life, and in markets as well. Waiting for your spots, as PRICE confirms is vital. Below is a good example of that with the chart of IBM, and how it appeared in our 3/15 Technology Note. The pivot was 2% away, but we really liked how the chart pattern was setting up (now the stock is at 52 week highs and still pays a dividend yield near 5%). Of course, it is part of the “old tech” revival we have been speaking of for a couple of months now, and although tech is floundering and the overall group is thought of as growth, the mature names are “value” oriented. It satisfies those investors looking for tech, but wanting to ride the nascent trend of value outshining growth. ORCL now looks like it wants to fill in the earnings gap. EBAY is back above its old nemesis level, at the round 60 number. CSCO rose more than 7% this past week, and INTC after a few sessions of indecision following the break above its own bullish ascending triangle rose 5% Friday.