The market is just slightly off of a mega top. Recently, the SPDR S&P 500 ETF (NYSE:SPY) hit $137.18 before reversing last week. The markets reversed primarily because the Dollar made a bottom and began to spike higher. While the markets seem toppy and may be seeing further downside, there are some stocks that are starting to look attractive.
Research In Motion Limited (NASDAQ:RIMM) has been crushed in recent months. Margin pressure, competitors like the iPhone and Droid are hammering profits across the board. The stock has been hit accordingly, dropping from a 52 week high of $70.54 to a current price of $44.86. The key to this trade is the pivot low from August 31st, 2010. This low level was $42.90 and represents a beautiful double bottom for a buy. The stock should find significant support here.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is another tech stock that has been crushed in 2011. On January 19th, 2011, MRVL was trading as high as $22.00 before collapsing to its current level of $14.65. MRVL is in the semi sector and while many semiconductor players have been hot, MRVL has been cold as ice. While the chart looks ugly, it does show significant support at August 12, 2010 low of $13.90. This represents a buy level and should be utilized as such.
Gareth Soloway
InTheMoneyStocks.com
[[T_F]]Data Leak Prevention – Data Security Solutions – Information Theft Protection, Detection and Prevention Software Productstracefusion_signature=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[[T_F]]
InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
