Amgen Lifts Biotech HOLDR
The Biotech HOLDR led the
exchange-traded funds Monday, as the techs ran into headwinds stirred by Dell
Computer and biotechs got a favorable patent ruling for Amgen.
The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) moved
ahead 4.5%, the day’s
biggest gain among the exchange-traded
funds. For my technical take on the trading action in Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating)
shares, see my see my Trading
The News commentary.
Otherwise, the bulk of day’s gains
went into defensives (money flows responding to Dell), financials (money flows
responding to rate outlook) and cyclicals (money flows responding to bullish
analyst comments about the retail sector).
The Cyclicals-Transportation SPDR
(
XLY |
Quote |
Chart |
News |
PowerRating)
gained 3.8%, the Dow Jones Healthcare iShares
(
IYH |
Quote |
Chart |
News |
PowerRating) 2.3%, the Dow Jones
Utilities HOLDR
(
UTH |
Quote |
Chart |
News |
PowerRating) 2.1%, the Regional Banking HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating) 2.0%, the
Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) 1.8%.
In the technology area,
the Software HOLDR
(
SWH |
Quote |
Chart |
News |
PowerRating) offered a source of counter-trend strength. The
basket of software stocks gained 3.2%. The security got a lift from PeopleSoft
(
PSFT |
Quote |
Chart |
News |
PowerRating),
up 5.9%, and i2 Technologies
(
ITWO |
Quote |
Chart |
News |
PowerRating), up 5.5%.
On the downside, the Dow
Jones Telecommunications iShares
(
IYZ |
Quote |
Chart |
News |
PowerRating) fell 3.2%, the Telecom HOLDR
(
TTH |
Quote |
Chart |
News |
PowerRating)
3.1%, the Broadband HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) 2.6%, the Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating)
2.4%, the B2B Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) 2.2%, the Dow Jones Technology iShares
(
IYW |
Quote |
Chart |
News |
PowerRating)
2.0%, the Internet Architecture HOLDR
(
IAH |
Quote |
Chart |
News |
PowerRating) 2.0%.
All intraday charts in this commentary
display
five-minute price and volume changes of the the most recent session as well as
the final 2 1/2 hours of the prior session. The
price display is governed by an arithmetic price scale.
The top field of all daily charts in this
commentary displays price and volume on a logarithmic price scale
with a 50-day moving price average in
red. In the second field,
a blue relative strength line represents the displayed security’s price
performance relative to the S&P 500. The third field displays vertical daily
volume bars in black with a 50-day moving average in blue for volume.
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ownership in a number of different stocks, greatly reducing company-specific
risk. Like stocks, ETFs trade on exchanges, nearly all of them in fact trade on
the American Stock Exchange at present. They quote throughout the day, enabling
traders to take advantage of intraday price moves.
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HOLDRs: Unique Opportunity And Risk.
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