NASDAQ 100 HITS NEW HIGH -- ADD SOFTWARE TO THE MARKET LEADER LIST -- ORACLE BREAKS OUT -- MICROSOFT IS PLAYING CATCH UP

NASDAQ 100 IS FIRST INDEX TO HIT NEW HIGH ... To no one's surprise, the Nasdaq 100 was the day's biggest percentage gainer and the first of the major market indexes to overcome its summer high. The NDX is now trading at the highest level in six years. Some of the upside leadership is coming from biotech stocks. Most of it is coming, however, from big tech stocks. Earlier today, I showed Internet Holders (HHH) hitting a new high (Chart 2). Let's add software to the list of Nasdaq leaders.

Chart 1

Chart 2

SOFTWARE ISHARES BREAK OUT ... Internet Holders weren't the only technology group to break out today. Chart 3 shows the Software iShares (IGV) doing the same. In fact, the IGV was the top performing ETF for the day. That shouldn't be too surprising considering some of its top holdings. The biggest holding is Oracle which broke out last Friday on heavy volume (Chart 4). Other software stocks that had good days today (although didn't break out) are Adobe, Electronic Arts, Microsoft, and Symantec. Electronic Arts hit a new 2007 last Friday (Chart 5). Microsoft has been a software laggard. Today's 1.6% gain, however, put the stock back over its 200-day line for the first time in more than a month (Chart 6). Upside volume has been impressive. Technology is one of the places to be right now.

Chart 3

Chart 4

Chart 5

Chart 6

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