Tech Giants Disappoint
10/19/2010 10:02 am EST
Earnings reports by Apple (AAPL) and IBM (IBM) disappointed investors as both were down sharply in afterhours trading. Whether or not the numbers were really that bad is already subject to much debate. Technically, both stocks look strong, even though AAPL dropped from $318 to under $300 on the news. The October breakout makes $295 a first area of support with stronger support at $277. IBM has broken out of multi-year resistance with important support now at $136-$137, just below afterhours levels. The OBV has confirmed the breakouts for both stocks.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.