Spectacular last 90 minutes cheers to Tech-Stocks

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Jan 10 2008
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Lately Wall Street has been trading on a trend whereby the morning session’s pattern could be different from the afternoon. It appears the investors are trying to find reason(s) or rather excuse(s) creating volatility on both trading sessions of the day. I remember those days when you could roughly know the trading trend of the day sometimes into the opening bell till the closing session. And you could pretty much know when to scalp for a small profit and run. However nowadays it is as if there are two different trading days altogether squeezed into one day.

Wednesday trading was a good example whereby the Dow was down 90 points but staged a rebound in the final one and a half hour towards closing bell to register a gain of 146 points. Most investors are waiting for hints about the U.S. central bank’s stance on the economy from the scheduled Thursday speech by Ben Bernanke. You should see how Google Inc. spectacularly climbed over twenty bucks a share within the last 90 minutes. The day’s trading range for Google Inc. (Nasdaq: GOOG, stock) was between $622 and $653 a share.

BIDU AAPL GOOG 2007 stocksApple Inc. (Nasdaq: AAPL, stock) stock was the most impressive, at least that’s how I feel, when it skyrocketed to close at $179.40, just inches away from the $180 support level (the stock was traded at $180.77 during after hours). It was having a good trading range of $168 and $179 throughout the day. Next week’s MacWorld in San Francisco, the event which could potentially swing the trading trend of technology stocks, will be the day every Apple Inc. investors is looking for. Steve Jobs who is infamous for rolling out innovative products at the event is expected to announce a computer half as thick as Apple’s current MacBook but using flash memory chips (instead of hard drive) such as those found in the iPod.

Meanwhile Baidu.com, Inc.’s (Nasdaq: BIDU, stock) which plunged about $20 a share in the morning session performed the same rebound but not enough to lift it into the green territory. However the stock was traded higher above the $350 level at $351.50 or 2.15% during after hours trading. The year 2007 was the year of Google Inc. when the stock breached the $700 and was just inches away from the $800 mark. Baidu.com did even better by more than doubled its stock price since the beginning of Jan 2007. The rally was set to continue if not for the unfortunate loss of its CFO and since then the stock price of Baidu.com appears to be eyeing the $300 mark for new direction.

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