Bogus
Friday’s session was like a run-on sentence in a bogus press
release, going on and on and on and on…and punctuated only by a run-on sentence in a — yes — bogus press release.
Nevertheless, most glamours showed
decent tone, with only slight distribution, as the Nasdaq continued its sneak
higher.
In the last 12 sessions, the Naz’s
accumulation-distribution score has been 7-0.
The tech bells that are most important
from the standpoint of leadership, and therefore, market health — EMC
(
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PowerRating),
Sun
(
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(
INTC |
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PowerRating), Nortel
(
NT |
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PowerRating), Oracle
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ORCL |
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PowerRating), Cisco
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— are holding up well, with little distribution.
The bios gained more ground, with
Celgene
(
CELG |
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PowerRating) gapping up to just beneath its pivot on vibrant flow.
Cor
(
CORR |
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PowerRating) was heavily
distributed and couldn’t follow through on Thursday’s breakout of a six-week
base.
Among the names, leaders Applied Micro
(
AMCC |
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PowerRating), Brocade
(
BRCD |
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PowerRating), and Ariba
(
ARBA |
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PowerRating) pulled back on easing
volume.
Recent new issue Avocent
(
AVCT |
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PowerRating)
continued to creep toward record ground.
Another recent IPO, Capstone Turbine
(
CPST |
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PowerRating)
pulled back to the top of its base mid-session before reversing and closing at a
new high.
Check Point
(
CHKP |
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PowerRating) remained a
candidate for upward revaluation as it pecks its way toward the top of its
five-month base.
Electronic Arts
(
ERTS |
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good volume, closing well as it lurched to a seven-month high.
i2
(
ITWO |
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PowerRating) is another stock
working on the right side of a cup.
Micrel
(
MCRL |
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PowerRating) broke out of a
Cooper 1-2-3 pullback on strong trade.
Rational Software
(
RATL |
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PowerRating) vaulted
a six-week base on volume 34% above normal.
As a reminder that things are not as
they always appear in this cycle, Power One
(
PWER |
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PowerRating) cleared a five-week base
before reversing and closing below the lip on big volume.
Etcetera:
The paragraph that follows is the first paragraph of the bogus Emulex
(
EMLX |
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PowerRating)
press release. As I first read it Friday a.m. while the stock was crashing 59%
in 25 mins., and before the company claimed it was a fake, I wondered if I’d
ever read a sentence anywhere that contained as many as four typos or mistakes,
as the first sentence of this release does.
Emulex Corp.,
the world’s largest supplier of fibre channel adapters, announced that last
quarter’s earnings will be revised and will fall short of previously announced
Net income for the fourth quarter of fiscal will be revised to a loss $0.15 per
diluted share, compared with net income of $3.0 million, or per diluted share,
for the same quarter a year Earnings for Q4 were reported as $0.25 per share,
due to compliance with generally accepted accounting principles, revisions were
made.