Rochester, NY 8/6/2009 9:50:29 PM
XLK - Is Technology Business Still Intact?
TECHNOLOGY SPDR
TECHNOLOGY SPDR, XLK
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Over the past 3 months the Technology SPDR has popped about 14% with some quarterly reports including one from IBM suggesting the sector is on fire. At the same time the bulls were elated to hear from Intel which issued an upbeat outlook attributed to strong consumer demand for PCs.
However, more recent data supports the bears. On Thursday Microsoft said business continued to be hurt by the weak global PC and server markets. Earlier in the month Dell said much the same about weak PC sales.
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