Ho-Hum
Another
uneventful day for the general market overall.
A ho-hum showing by the techs, H-P’s
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8% bolt notwithstanding.
If you’ve been frustrated and possibly
confused by this market, don’t feel alone.
"In
actuality, it’s been frustrating and confusing for newbies and pros alike,"
said Jeff Cooper, in his weekend piece for TradingMarkets. "If
you don’t find this to be the case, I don’t know what market you’re trading."
Among the names, Broadcom
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continued its vigil just south of the 250 line…it’s a plus to see volume
contract when a stock spends some time backing and filling directly beneath the
last bit of overhead supply.
Brocade
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distribution for the second day in a row.
Recent issue Corvis
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continued its jog higher after a weeklong pullback…tech IPOs such as this one
— those that perform well in an otherwise sketchy market for tech — are to be
watched for further base-building action…it is to be remembered that "the
new" often become big winners.
In the same vein is Handspring
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though its success has been shaded by that of CORV.
After printing a four-month high
Monday by showing a third straight day of accumulation, i2
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back for the second day as volume eased bullishly.
Juniper
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that came off for a second session amid dwindling trade. Good.
Ariba
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good tone.
BEA
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intention to be taken seriously by momentum players as it gapped to a 17% gain
on thick turnover, putting it well past the midpoint of its six-month base.
A number of growth stocks that have
charged back to near-record turf since the Aug. 3 wash-and-rinse day need to put
in more time before a valid follow-through can be expected of any assault on new
highs.
As mentioned recently, Brocade is one
such animal.
Sycamore’s
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Wednesday, whereby it cleared a four-week, V-shaped range, and on strong volume,
to boot, before closing below the line, was more evidence that most breakouts
are simply not amounting to much follow-through.
On this score, the tide will certainly
change, and possibly in dramatic fashion.
But it hasn’t yet.