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Four Tech Stocks With Bullish Momentum

While business headlines seem to be dominated by Google and Apple , four stocks in the S&P Technology sector have led the rally in the past two months, with the average of their gains beating the overall sector by nearly 3:1.

At the forefront of the rally in technology, Advanced Micro Devices has more than doubled in price since early November 2009, posting a gain of 111%. Semiconductor makers Micron Technology , NVIDIA , and Sandisk are also at the top of the list, averaging gains of 75% during the same period.

Compared to the S&P Tech sector, which is up 13% in the past two months, the PHLX Semiconductor Index --a price weighted average of the performance of 19 companies involved in manufacturing semiconductors-- has advanced 24%.

If the uptrend in technology continues to lead the stock market in 2010, some of these stocks may continue to benefit from the rally. Sandisk, for example, was upgraded yesterday by Caris & Company and is trading at a new 52-week high in today's session, while Advanced Micro Devices and Micron Technology are trading near multi-year highs.

At the current levels, however, all four stocks are trading the farthest apart from their 50-day moving averages among their peers, potentially setting the way for some profit-taking in the near future. In fact, Miller Tabak issued a note yesterday downgrading Semi's and Components to hold.

Advanced Micro Devices
52-week high: $10.04
Percent above its 50-day MA: 31%
Percent gain in the past two months: 111%

Micron Technology
52-week high: $11.29
Percent above its 50-day MA: 35%
Percent gain in the past two months: 65%

NVIDIA
52-week high: $18.96
Percent above its 50-day MA: 27%
Percent gain in the past two months: 57%


Sandisk
52-week high: $31.28
Percent above its 50-day MA: 37%
Percent gain in the past two months: 49%


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