And So It Goes
More disassembling
of the growth sector.
The glamours were pasted, losers
nearly obliterating winners by 12 to 1.
Otherwise, not much changed in my
absence.
The last remaining growth stocks to
hold up broke down.
Nothing surprising there.
And so Alexion
(
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out of a wide saucer, and on volume.
Fellow bio Arqule
(
ARQL |
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another casualty.
As was Speechworks
(
SPWX |
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Imclone
(
IMCL |
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growth stock to fail shortly after breakout.
Ditto for Palm
(
PALM |
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And for Protein Design
(
PDLI |
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for months one of the most attractive bios.
Names like Brocade
(
BRCD |
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Juniper
(
JNPR |
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footsteps of the speculatives before them.
Meanwhile, the choppy Comverse
(
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holds up better than most.
Last week, Sun
(
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after several days of higher prices amid thinning volume…Thursday, it was a
good candidate for the rollover effect since it was unable to gain on Wednesday.
The same went for Juniper, which also
began rolling over anew.
Remember, watch for these wedging
rallies followed by the roll.
In case you might be wondering, there
are no "hidden" pockets of the market that are ripe for any sort of
intermediate-term speculation campaign.
At the same time, deep down beneath
the surface of the averages, the next generation of powerful leaders is being
assembled in the market’s inimitable manner.
Conspicuous, no.
Give them some time and they will be.
Just as they always have.
And so it goes.