A mundane session
Profit-taking
kicked in Thursday in a session characterized by the second-lightest
activity on the New York Stock Exchange in the past four months. Nasdaq trade
was the skimpiest since Thanksgiving.
Few market segments scored outsized
gains in the mundane dealings.
In color=#008000>technology, the benchmarks closed mixed. Dell
[DELL>DELL] put in an inside day and is all set for a test of its record
best of 53.96 set a week ago. This chart provides an excellent example of why an
analysis of volume is so important in making a decision on whether or not to
stay with a winner as it pulls back. The dry-up in volume and the fact that the
stock has corrected less than 7% say the next move is up.
Amazon [AMZN>AMZN] continued its
disappointing ways, closing lower on an increase in turnover for the third time
in five days. It printed its lowest close in nearly six weeks.
Among the color=#008000>glamours, nearly every B2B name stood immersed in
red ink…the genomics, meanwhile, fared better, closing evenly mixed. Very few
of these issues have yet to sow the seeds of distribution…Human Genome
Sciences [HGSI>HGSI] put in the best showing.