As the bears continue to consume all short term market sentiment the thought a spark of light that could signify hope is quite attractive. With Research in Motion (RIMM) earnings due out this upcoming week and the stock trading at new all time highs, could this be the saving grace for tech or the last candle to be blown out?
The maker of the Blackberry and other wireless handheld devices has had no problem trading against the market grain. Thursday the stock closed at an all time high of $147.55 after breaking out of a base it had been building since last November. Institutions continue to accumulate shares and all is peachy for RIMM.
Earnings are due out June 25th (Wednesday) after the market close, and could easily be a top ten highlight of the week. If RIMM gaps to say $160 a share (10%ish) then perhaps it will stir a wider rally across tech that would allow the NASDAQ to gain some much needed momentum. On the flip side a gap down in price would spell catastrophe for the stock and the rest of tech as really RIMM is the last big tech stock trading aggressively under the bulls control.
Investors should all huddle around Wednesday afternoon and watch this earnings release because it will only take five minutes to know how the market has reacted to the numbers. RIMM stock is known for gapping up in after hours trading after its earnings reports so it should be interesting to see. For the high octane investor this is your chance to load up on options and flip a coin, good luck.