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OPINION

Technology Remains Bright Spot

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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Once again, it was another difficult day for the market and critical for old school Industrials. On the surface, it was choppy overall, a lot of destruction beneath big names- once more, masking the pain, although there is nowhere to hide. Along with the Caterpillars of the world, yesterday, it was the truckers who were hammered relentlessly as oil continues to smolder the embers, blowing as inventories mount. Both stories that not only revolve partly around the United States, but also reflect a global economy that is barely in first gear.

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After the closing bell, Royal Dutch Shell (RDS.A) abandoned a tar sands project. That’s a $2 billion construction deal, along with $7 billion that was abandoned earlier in the Arctic. There will be no more large bets on high price recoverable sources of energy. The good news is that it takes us to a quicker switch in supply and demand, but the supply equation is still limping along.

For years, I wrote about the greasy fingernail rally, now it has slowed down or gone completely and reversed.

On the other hand, technology remains the bright spot, with Amazon (AMZN) and Google (GOOG) joined by Apple (AAPL) last night all delivering good results. It was another strong quarter for AAPL, although bears may suggest otherwise. Apple sold over 48 million iPhones, up 22%, generating $32.2 billion in the exiting the quarter. The demand was greater than the supply.

Apple sold 9.88 million iPads, down 20%. Its cannibalization however continues to generate $4.27 billion. The star was the under-appreciated Mac, selling 1.7 million units up 32%, generating an all-time high quarterly revenue of $6.88 billion. China’s added $12.52 billion in revenue to the tab; stronger than advertised or speculated; and iPhones sales were up 87% year over year.

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Obviously, we will be watching Apple's reaction and keeping a close eye on the Russell 2000. It was hit hard yesterday and it failed at a key resistance point on the upside, it now sees support at 1,140, then 1,090.

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