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Top 5 Tech Stocks Ahead of Cisco Earnings

NEW YORK ( TheStreet) -- When I focus on tech stocks, my main focus is on the Nasdaq and PHLX Semiconductor Sector Index (SOX).

The top five Nasdaq stocks I analyze are Apple (AAPL - Get Report), Cisco (CSCO - Get Report), Google (GOOG), Intel (INTC) and Microsoft (MSFT - Get Report) -- a mix of new technology and older technology. I look at the SOX because chips are in almost everything we buy and use so its performance is an economic barometer.

The Nasdaq provided leadership during a 36.2% rally from its Oct. 4 low at 2298.89 to its March 27 high at 3134.7.

After Tuesday's slump the Nasdaq is still up 13.1% year to date, but it's down 6.0% since March 27. The weekly and daily charts for the Nasdaq are negative.

Chart Courtesy of Thomson/Reuters

The daily chart for the Nasdaq is negative with daily MOJO (12x3x3 daily slow stochastic) reading declining. The Nasdaq is well below its 50-day simple moving average at 3029. The risk is to its 200-day simple moving average at 2737. My quarter value level was tested at 2911 on Tuesday. My annual value level is 2698 with monthly risky level at 3041.

The SOX lagged the Nasdaq with a rally of 23.2% off its Oct. 4 low of 364.44 to its March 27 high at 444.96. The SOX thus lags its May 2, 2011 high at 450.79. The SOX is up 8.2% year to date, but it's down 11.4% from its March 27 high, which is a clear sign of an economic slowdown.

Chart Courtesy of Thomson/Reuters

The daily chart for the SOX is negative with daily MOJO (12x3x3 daily slow stochastic) reading declining. The SOX is well below its 50-day simple moving average at 420.88. At Tuesday's low the SOX tested its 200-day simple moving average at 387.59.

My Top 5 Tech Stocks

Apple (AAPL - Get Report), $568.18 -- Apple had a blow-out earnings report then fell from a new all-time high at $644.00 on April 10 to $555.00 on April 24, a spread of 13.8%. Wall Street became more optimistic about Apple after the earnings reports, with a consensus price target at $725. Apple certainly had the earnings report with the loudest drum roll. Apple is rated a Buy according to ValuEngine. My quarterly value level is $548.88 with a monthly pivot at $579.55 and the ValuEngine one-year price target at a conservative $620.54.
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