Profit-takers trample growth stock glamours
Stocks kicked
off a historically favorable week on a flat note Monday, as
profit-takers trampled some of the growth stock glamours that had tacked up big
numbers in recent weeks.
The action came as the bond contract
held above Wednesday’s low of 90-25. Financial issues, which had done well all
session, rolled over once the contract closed, finishing flat to
lower.
Among marquee
techs, Applied Materials [AMAT>AMAT], Cisco [CSCO>CSCO], Dell
[DELL>DELL], and EMC [EMC>EMC] all acted well…Hewlett-Packard
[HWP>HWP] edged off a bit, though on lighter trade…ditto for Oracle
[ORCL>ORCL]…Intel [INTC>INTC] finished at its best level in nearly 15
weeks…Microsoft [MSFT>MSFT] hung in there like a champ, unwilling to
concede much of its recent beefy run-up…
In color=#008000>cyberspace, Amazon [AMZN>AMZN] encountered
distribution as it cleanly broke a support level…AOL [AOL>AOL], a loser for
the sixth time in seven days, couldn’t do much better…Ditto for RealNetworks
[RNWK>RNWK], under focused distribution for the second day.
Without a doubt, the color=#008000>genomics were where it was at. Abgenix [ABGX>ABGX], Affymetrix [AFFX>AFFX], Cell Genesys
[CEGE>CEGE], Gene Logic [GLGC>GLGC], Human Genome Sciences [HGSI>HGSI],
Medarex [MEDX>MEDX], Myriad Genetics [MYGN>MYGN], and PE Corp Celera
Genomics [CRA>CRA] all followed through on recent breakouts…Hyseq
[HYSQ>HYSQ] flirted with its high of two weeks ago and looks
interesting…Millenium Pharmaceutical [MLNM>MLNM] located record turf on big
volume after a two-day pullback…
Elsewhere in tech, Actuate
[ACTU>ACTU] lifted out of a three-week congestion zone on modest
volume…chip equipment maker Cohu [COHU>COHU] cleared a three-week trading
range on a minor pick-up in volume…
In all, the session presented more evidence that institutions are gearing up for another run in the tech bellwethers come January.