Glamour Show
The
conspicuous glamours pranced all over
the tape Wednesday, leading the Naz out of its three-week trading zone, and on
brisk activity.
Turnover was a shade denser than that
of Tuesday, was about 20% above average, and was the
third-heaviest volume day in the last 32.
Good, good, and good.
Among vogue names, breadth ran 3 to 1.
Yes, the usual suspects like Art Tech
(
ARTG |
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PowerRating), Juniper
(
JNPR |
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PowerRating), Tibco
(
TIBX |
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PowerRating), etc. were marked up.
But one noteworthy feature of the
session was the perkiness displayed by many downtrodden, forgotten stocks, many
in the B2B and related Internet segments.
This is obviously healthy, though it’s
not known how long the ignored will be paid attention to.
In the meantime, the Naz’s “baby
steps” are welcomed — and with open arms when volume picks up as it did on
Wednesday.
It is to be noted that the Comp’s
volume has been above average for nine of the last 10 outings.
Â
Seeing new names like Sonus
(
SONS |
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PowerRating)
clear shelves en route to new high ground is constructive.
Ditto for Centillium
(
CTLM |
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PowerRating).
Among the bells, despite a stellar
breadth ratio of 8-to-1, only Gateway
(
GTW |
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PowerRating), 3Com
(
COMS |
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PowerRating), and Motorola
(
MOT |
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PowerRating) climbed on brisk activity. Definitely room for improvement here.
In the names, Gateway
(
GTW |
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PowerRating) saw
its fourth day of rising volume as it puts in more work on the right side of its
cup.
H-P
(
HWP |
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PowerRating) inched closer to the top
of its four-week range.
Intel
(
INTC |
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PowerRating) edged up to within a
stone’s throw of virgin turf.
Nortel
(
NT |
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PowerRating) finally cobbled
together a solid gain into new high ground, though turnover was slack.
Check Point
(
CHKP |
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PowerRating), a sleeper for
most of the past five weeks — and deservedly so, following its 63% leap in just
two weeks — perked up.
Ciena
(
CIEN |
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PowerRating), a rare optical that
didn’t rise, pulled back on volume nearly twice its usual.
One of the best-acting bios, Cor
(
CORR |
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PowerRating)
blasted out of a fourth-month launch pad on volume 155% above normal.
Redback
(
RBAK |
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PowerRating) experienced heavy
distribution as it works on a two-week handle.
Spectrasite
(
SITE |
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PowerRating) appears to be
building a handle to go with its four-month cup.