Techs put on showy outing
Technology
names, under relentless accumulation by institutions, slammed higher
Thursday, putting in their showiest outing in nine days. The action in
computer-related issues was a distinct plus, coming as it did just a day ahead
of the November jobs report.
Elsewhere, however, participation was
muted: Other broad sectors were essentially flat on balance. Turnover, which
peaked on the Nasdaq two weeks ago, remained brisk, yet little changed from
Wednesday.
Over in bondland, Treasurys weren’t so
fortunate, as prices withered for the 10th time in the last dozen sessions.
Worries of a Fed rate boost continued to plague the market, with fed funds
futures indicating a 70% chance of a rate hike at the FOMC’s Feb. 1-2 confab.
Last Friday, the probability stood at 46%.
Inside the tech complex, cybershares
shredded the tape at an extent not witnessed in almost four weeks. But volume
was unimpressive — among blue-chip Websters, only Yahoo! showed any real
volume as it pierced a fresh highwater mark on trade about 24% above its norm.
It’s up about 16% in the past two days…
Among tech bellwethers, EMC
acted best, as it vaulted to a fresh record, closing inches from its session
high. Volume, however, was sub-par…HWP continued its solid rally
of late, as it traces out a rising wedge pattern…Lucent was a bright
spot, closing just a minor fraction away from the top of a 20-week,
cup-and-handle base. For the fourth day, volume swelled from that of the prior
session…Oracle was the top performer in the bellwether segment — the stock, in the midst of building a tight, two-week base, went out 2 1/4 points from record ground…