Unhappy New Year
Is this a way
to start the New Year?
The Naz took out its prior low for the
bear, set six sessions back.
It is now off 56% top-to-bottom.
In the wake of the release of the
worst NAPM reading since the last recession, the yield on tens plummeted from
5.11% to 4.91%.
It is not often that one sees an 18%
scathing in a bell, but that’s exactly what transpired Tuesday in EMC
(
EMC |
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PowerRating)…at
its worst point Tuesday, the stock was 49% off its high.
Cisco
(
CSCO |
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13%.
Elsewhere, American Standard
(
ASD |
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backed down from the top of its four-month base on volume.
From the top of its three-month base,
Americredit
(
ACF |
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Aviron
(
AVIR |
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PowerRating), one of the best
looking bios, appeared to be in the second day of a handle to go with its
eight-week base.
BEA
(
BEAS |
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PowerRating), which had been acting
better than practically any other glamour, lost over 20%.
BJ’s Wholesale Club
(
BJ |
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PowerRating) pulled
back from the top of its eight-month base.
The other BJ, oil & gas field
services provider BJ Services
(
BJS |
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PowerRating), has shown good accumulation in the past
four weeks as it lingers near the top of its nine-month base.
Barr Labs is another that has held up
well and is working on a constructive base.
Ditto for Baxter
(
BAX |
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PowerRating), which
stood a point or so from the top of its 10-week base.
Beckman Coulter
(
BEC |
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PowerRating), which
Thursday failed at its breakout attempt from a four-month base, closed well for
the second day as it remains close to virgin turf.
Tuesday’s lone positive was the action
in the semis, losing a fraction of what the overall tech sector did.