Since lowering earnings estimates in July, DELL has gained nearly $9 billion in market capitalization, while 20% of the analysts covering the stock downgraded it. Over the same period, the only firm who upgraded the stock was Citigroup.
Since opening 13% lower on July 21st, Dell Computer (DELL) has quietly rebounded over 20%. As of yesterday's close, DELL was trading nearly two standard deviations above its 50-day moving average. As the chart below details, in order to find the last time the stock was this overbought, you would have to go back to November 2004.