Data Tame; Naz The Same
Ladies and gentlemen, may the range
trade continue.
Regardless of the day’s thin volume,
it was disappointing that the Comp couldn’t do anything on the friendly CPI
news.
Positives on the day: 1) The Nasdaq’s
light volume, a hair thinner than Tuesday’s; 2) elevated quotations in the banks
and brokers.
…One of the problems with a light
volume market is that many breakouts don’t follow through like they normally
would…
In the bells, EMC
(
EMC |
Quote |
Chart |
News |
PowerRating) poked into
new high ground before closing little changed…
H-P
(
HWP |
Quote |
Chart |
News |
PowerRating) followed through lower
after Tuesday’s failure of last week’s breakout.
Nokia
(
NOK |
Quote |
Chart |
News |
PowerRating), the top actor among
the bells, came within a millimeter of a new high as it forms an upward-wedging
handle.
Nortel
(
NT |
Quote |
Chart |
News |
PowerRating), another solid-looking
benchmark, saw its string of four accumulation days come to a halt, yet eked out
a win nonetheless.
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) continues its work
on an 11-week double bottom base.
The Texan
(
TXN |
Quote |
Chart |
News |
PowerRating) acts well as it
refuses to give back much of the 50% gain it rang up on an intraday basis in a
recent seven-day period.
Among the names, Corning
(
GLW |
Quote |
Chart |
News |
PowerRating),
one of the best breakouts of late, came down 5% on trade 26% lighter than
Tuesday’s.
Art Technology
(
ARTG |
Quote |
Chart |
News |
PowerRating), though
volatile in the past couple of weeks, has nevertheless seen some extreme
accumulation as it scales the right side of its cup…accumulation-distribution
score over the last 14 sessions: 6-1.
GSI Lumonics
(
GSLI |
Quote |
Chart |
News |
PowerRating) finished the
right side of its cup before being shoved back on heavy volume.
Lattice Semi
(
LSCC |
Quote |
Chart |
News |
PowerRating), showing
superb accumulation since the May 24 market low, put in another good session.
M Systems
(
FLSH |
Quote |
Chart |
News |
PowerRating) is in its third
day of handle construction.
Ditto for Myriad Genetics
(
MYGN |
Quote |
Chart |
News |
PowerRating).
Ditto for Turnstone
(
TSTN |
Quote |
Chart |
News |
PowerRating).
RF Micro
(
RFMD |
Quote |
Chart |
News |
PowerRating) came under
distribution for the third day in four.
Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating) failed on Tuesday’s
breakout of an 11-week cup-with-handle.
“No one (on television) has
talked bull,” said a Florida trader with a stand-up track record. “And
that excites me.”
Worth
Watching: Veritas
(
VRTS |
Quote |
Chart |
News |
PowerRating).