And The Timeout Continues
A light
distribution day for the Naz, and
nothing out of the ordinary for a market that could use more of a breather just
to keep everyone honest.
The action was similar to Friday’s,
except that the bios and semis were sold along with other glamour segments.
Still, most vogue names gave ground on
lighter trade.
The benefit of markdown days such as
Monday is that they can help to illuminate potential pivot points for the
intermediate-term player, Brocade
(
BRCD |
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PowerRating) being just one example as it drew
back from Thursday’s short-term high.
Moreover, any sort of pullback from
here would serve to further separate the wheat (the real leaders) from the chaff
(the also-rans).
Among the names, Corning
(
GLW |
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gapped up and out of a 10-week base on husky turnover.
Koninklijke Philips
(
PHG |
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just below the top of its 14-week base.
Lattice Semi
(
LSCC |
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PowerRating) pulled back
nicely on lower volume in tandem with the softer chip group.
M Systems
(
FLSH |
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handle to go with its 13-week base.
Millenium Pharmaceutical
(
MLNM |
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PowerRating),
one of the best actors in the bios, put in its fifth day of handle construction.
Elsewhere in the bios: Abgenix
(
ABGX |
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PowerRating)
and Aurora
(
ABSC |
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PowerRating) are two of the names that have bounced back the
quickest.Â
Nvidia
(
NVDA |
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first week of its handle.
Remec
(
REMC |
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at its old high and may be poised for handle construction.
Xilinx
(
XLNX |
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PowerRating) briefly poked into
new high ground before losing steam and closing below the line.
Cree
(
CREE |
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PowerRating) came under heavy
volume, yet still stands tall.
Of the “Group of Seven”
stocks that were among the first to break out from two weeks ago: Keithley
(
KEI |
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PowerRating)
+16%, Newport
(
NEWP |
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(
SDLI |
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PowerRating) +5%, Techne
(
TECH |
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Linear Tech
(
LLTC |
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PowerRating) -5%, Sanmina
(
SANM |
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PowerRating) -3%, and Micron
(
MU |
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PowerRating) -1%. No
problem here.
Nokia
(
NOK |
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PowerRating), Oracle
(
ORCL |
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PowerRating),
and EMC
(
EMC |
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PowerRating), key bells to watch, put in narrow-range days as they hover
close to virgin turf.Â
Worth
Watching: Copper Mountain
(
CMTN |
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Chart |
News |
PowerRating).