All’s Well That Ends Well
A nifty way
to end H1.
Followers of classical technical
analysis probably would look at Friday’s action as a “no-big-deal”
kind of day.
They might argue that breadth on the
Big Board was a push and breadth on the Naz was 11-9, not up to a Comp 2.3%
higher.
They would note that volume was good,
but not great…and what volume there was could be largely attributed to
window-dressing by institutions.
And they’re right.
By those time-worn yardsticks, it
wasn’t a “big-deal” day.
But a look beneath the surface
revealed a rosy bent, nevertheless.
The speculative growth stock glamours
sparkled, with winners up on losers by 6 to 1.
Six stocks in our Group of Seven
experienced richer quotations.
All four of the key bells that I’m
focusing on, EMC
(
EMC |
Quote |
Chart |
News |
PowerRating), Nortel
(
NT |
Quote |
Chart |
News |
PowerRating), Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating), and Intel
(
INTC |
Quote |
Chart |
News |
PowerRating),
saw green.
Meanwhile, the bios were mixed.
Among the names, Advent
(
ADVS |
Quote |
Chart |
News |
PowerRating)
broke out of a 15-week double bottom base on big volume, then went out below the
lip.
GSI Lumonics
(
GSLI |
Quote |
Chart |
News |
PowerRating), mentioned
here on June 14,
20,
21,
and 22,
followed through quite nicely on Thursday’s breakout of a four-month
cup-with-handle, with volume over triple its norm.
PLX Technology
(
PLXT |
Quote |
Chart |
News |
PowerRating) pulled out
of its elevated handle, only to close below the pivot.
Sepracor
(
SEPR |
Quote |
Chart |
News |
PowerRating) put in its second
inside day in a row as turnover waned…the stock’s standing close to the top of
its four-month base.
Siebel
(
SEBL |
Quote |
Chart |
News |
PowerRating) edged higher up the
right side of its handle.
California Amplifier, in the hot
electronic products group, continued its three-day charge up the right side of
its three-month cup.
Tektronix
(
TEK |
Quote |
Chart |
News |
PowerRating) is forming a
handle atop its four-month cup.
A cup-with-handle candiate, Varian
(
VARI |
Quote |
Chart |
News |
PowerRating)
is in a Cooper 1-2-3-4 pullback, closed nicely, and on higher volume…it’s in
the electronic instrument segment.
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) exploded on hefty
volume for the second day, finished well, and should be monitored as it motors
up the right side of its cup with haste.