Better Than A Poke In The Eye

January 25, 2000
Kevin Marder

A comeback.
Of sorts.Â

But not the kind of blowaway reversal
that would have made the market’s intentions more obvious.

Volume on the New York was 4% below
that of Monday’s sharp fall; in the Nasdaq, turnover shrank 9%. Volume often
ebbs on the first day up following a sell-off, so it’s premature to place too
much emphasis here.

On a session that features an intraday
reversal, like Tuesday’s, it’s important to watch the leaders, both big and
small.

And on that score, the semis,
bellwether techs, and Internet infrastructures didn’t disappoint. The telecoms
also looked good, as they did Monday.

Among the benchmark
tech set, Intel
(
INTC |
Quote |
Chart |
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PowerRating) continued to hang in nicely, a winner for
the third day in a row, as it builds a flat base…

On the other end of the leadership
front, the genomics lost ground, with losers
upending winners by 3.5 to 1…the group’s very extended, as pointed out
recently, and a pullback should be expected.

One day does not a repair job
make…the technical damage inflicted Monday on many pockets of the market needs
more time to mend before most issues are in position to advance in a meaningful
manner.

Better Than A Poke In The Eye

BUY THE FEAR, SELL THE GREED

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