Bad News Hammers Techs, But AXP May Be Firming

  • December 15, 2000
  • Jon Najarian

President elect
George W. Bush may be trying to build bipartisan support for his agenda, but
the market is steadily hammering tech stocks in a very partisan fashion.
Software maker Microsoft
(
MSFT |
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the first time in a decade and that put the sell off into motion.

As
frequently happens in such circumstances, the market attempted to fade that
horrible news, as the S&Ps rallied back to even, the Nasdaq futures to
down just single digits before the opening. The bulls were hoping for
(
ORCL |
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PowerRating), or

(
ADBE |
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PowerRating) to overcome the MSFT news, but they were as likely to do so as Bears’
quarterback Cade McNown was to be announced as the starter in the Pro Bowl!

With no savior on
the horizon, the bears have feasted, hitting other software makers like Siebel
Systems
(
SEBL |
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PowerRating) and of course, the computer makers. That selling pressure has
the Nasdaq at its November 30 low.

Here are our
highest dollar-weighted puts (BEARISH) readings:

Symbol

Call
Volume

Put
Volume

$W
Call Vol

$W
Put Vol

PC
Ratio

$W
PC Ratio

LLTC


63


402


34


2,442


6.38


71.82

HHH


54


823


93


6,630


15.24


71.29

EK


617


5,231


1,385


85,120


8.48


61.46

KLAC


178


3,366


304


17,401


18.91


57.24

DELL


3,748


5,084


4,345


71,632


1.36


16.49

SMH


140


866


235


3,559


6.19


15.14

UPS


1,126


5,833


1,481


22,332


5.18


15.08

BBH


207


1,322


1,086


13,391


6.39


12.33

OSX


398


1,713


1,469


16,614


4.30


11.31

CRA


231


378


583


5,714


1.64


9.80

FDX


315


2,645


906


7,081


8.40


7.82

SBC


720


1,852


1,328


10,287


2.57


7.75

BRCM


4,335


7,446


26,430


187,072


1.72


7.08

GPS


276


1,212


466


3,248


4.39


6.97

GMH


150


246


244


1,509


1.64


6.18

QLGC


2,025


6,397


16,455


96,480


3.16


5.86

You can see
bearish accumulations going on in
(
DELL |
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PowerRating),
(
EK |
Quote |
Chart |
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PowerRating) and
(
BRCM |
Quote |
Chart |
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PowerRating).

Here are our
highest dollar-weighted calls (BULLISH) readings:

<

Symbol

Call
Volume

Put
Volume

$W
Call Vol

$W
Put Vol

PC
Ratio

$W
PC Ratio

WFC


1,189


77


11,383


62


0.11


0.03

AXP


14,646


1,121


245,924


2,472


0.06


0.04

OAT


1,089


75


8,471


204


0.05


0.04

BMY


2,618


291


19,576


645


0.19


0.06

DD


1,479


93


8,191


290


0.34


0.08

CAT

          
484

              
24

             
618

               
25

     
    0.42

     
0.10

MO

       
7,913

         
1,513

        
24,779

          
1,568

         
0.10

     
0.11

JNJ

       
1,882

            
638

        
12,159

             
913

         
0.06

     
0.12

HON

          
684

            
286

          
7,440

             
771

         
1.03

     
0.12

PFE

     
12,501

         
1,274

        
31,071

          
3,434

         
0.23

     
0.13

CFLO

          
473

              
28

          
2,116

             
254

         
0.12

     
0.13

AHP

       
1,117

         
1,152

          
4,745

             
570

         
0.16

     
0.15

PEP

          
501

            
113

          
1,370

             
176

         
0.16

     
0.15

HAL

       
1,398

            
162

          
2,883

             
388

         
0.36

     
0.16

Here
you might notice how
(
AXP |
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AXP call to put volume is about 14:1, but dollar weighted call accumulations
are nearly 100:1 versus the puts.