“Old Tech” Bifurcation:
With all the recent chatter about how “old tech” was outperforming (think DELL IBM INTC CSCO) as market participants took a defensive posture is waning a bit. Of course, some names never received the memo such as a JNPR or GLW, both off in the mid to upper teens percentage-wise from their annual peaks. The biggest letdown of the aforementioned bunch was likely the chart below of ORCL and one can see the gap down after the ill-received earnings reaction on Tuesday. This is a top 5 holding in the IGV which has been leadership within technology as of late, although the semis flexed their muscles Wednesday higher by almost 1% (still within the bearish head and shoulders pattern which may be too blatant). ADBE, another “old tech” name, REPORTS earnings after the CLOSE Thursday and is the ORCL reception some foreshadowing of how the former will act Friday. Bulls will be watching its action like a hawk to end the week.