Tuesday Turnaround: It's All About the Tech Stocks
It's almost Friday. Right?

Is it Friday yet?

Nope, still Tuesday, Oct. 2.

It's been a busy day on Wall Street, so let's cut to the chase and focus on the top stories from TheStreet.

Intel's Looking Hot to Some

And that includes RealMoney contributor Stephen Guilfoyle

New CEO? No. Ready to better compete against the rising star that is Advanced Micro Devices (AMD - Get Report) ? Hmm. Barclay's did downgrade the name just yesterday, while cutting the price target. Perhaps the firm is ready to take on Nvidia (NVDA - Get Report) , best in breed across a wide swath of cutting edge technologies including the data center. Now ... it would really be something if a firm that has gone seemingly forever without a CEO could put up their dukes and fight the good fight versus the likes of industry superstars such as Lisa Su and Jensen Huang.

"Value vs. Growth? NVDA vs. AMD vs. INTC? (INTC) is the value investor's choice here in my opinion. I think that if the firm were to promote someone to the chief executive position from within, that we would have known by now. Should this gang ever gets off their tail, and hire a permanent CEO, I think the name rallies on that news. Should the name be a headline grabber, all the better," wrote Guilfoyle.

Nvidia is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NVDA? Learn more now.

The Apple of Investors Eyes

It's been another blockbuster year for shares of Apple Inc. (AAPL - Get Report) -- since the calendar flipped to January shares of this tech behemoth have charged approximately 37% higher on a total-return basis, leaving the rest of the broad market in its dust, wrote Jonas Elmerraji, a contributor for TheStreet.

At a glance, it might seem as though Apple's price action has stalled out in the short-term. Shares made effectively zero progress in September, swatted lower on every attempt at the $230 level. In fact, Apple's sideways consolidation just below $230 isn't an anomaly; it's a pretty constructive move after the nonstop rally that shares have enjoyed year-to-date. September's cooling-off period gives buyers a chance to take a breather before this stock's next leg up.

In technical parlance, Apple is currently forming an ascending triangle pattern, a bullish continuation setup that's formed by horizontal resistance up above shares at $230, with uptrending support to the downside. A breakout above $230 is the signal that it's a high-probability time to be a buyer in Apple.

That may seem strange -- but because $230 has acted like a ceiling of sorts in the near-term, it indicates that there is currently a glut of supply of shares at that price level. A breakout that puts shares above $230 is the signal that increasingly aggressive buyers have absorbed that excess supply of Apple that sellers were willing to let go of at $230, giving way to more upside.

Elmerraji goes more in depth on Apple in his piece

Those Cannabis Stocks Are Still Smokin'

TheStreet's Tony Owusu dives into the newest cannabis stock to rally. 

India Globalization Capital Inc. (IGC - Get Report) was up more than 50% on Tuesday, Oct. 2, meaning the cannabis stock has jumped more than 250% over the past five sessions.

IGC announced last week that it executed a partnership deal for several products including infusing an energy drink called "Nitro G" with cannabidiol. Since then, the stock has been unstoppable.

"According to a Grand View Research forecast, the global energy drinks market is projected to be almost $85 billion by the year 2025, with non-alcoholic beverage sales expected to account for a significant portion of the market. This represents a unique opportunity for the development and commercialization of a CBD-infused, sugar free energy beverage," said IGC CEO Ram Mukunda.

But, really, just check out Owusu's article for pot puns and other cannabis coverage.

Alright, that's a wrap for Tuesday. 

 

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