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The bulls were excited by Thursday’s optimism in the technology sector, after cellphone maker Nokia [NOK
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] said the drop in demand for its products was stabilizing.
Meanwhile Hewlett Packard [HPQ
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] provided the sector with upside momentum after Citigroup wrote that the company's quarter was "tracking ahead of guidance and consensus."
And investors were also positive on Google [GOOG Loading... ()
], ahead of the firms earnings reports. “Real things are happening in tech and the stocks are demonstrating that by moving higher,” says Oppenheimer’s Carter Worth on CNBC’s Closing Bell.
In fact, Worth is widely bullish on technology despite the recent run. “Whether it’s IBM [IBM
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], or Apple [AAPL
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] or the stocks mentioned above, "the tech sector's largest companies are retracing to the upside,” explains Worth. And he thinks they all have room to run.
That’s because, from a technical perspective, “tech has led off the November low and didn’t make a new low in March.” In other words patterns in all the charts appear bullish.
What’s the bottom line? The move higher in technology could be just beginning.
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CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes