Chip Dip
A 9% drop in the SOX and a 4% fall in
the NDX are never anything to just sweep under the rug.
It’s easy to say that the large number
of stocks that were distributed did so only because volume almost had to
increase from Monday’s holiday-shortened session.
But distribution is distribution.
And a few more days like this would
certainly place the mending process going on in numerous growth stocks on hold.
This holiday-impacted week may not
give us the benefit of higher volume, which would provide us with evidence as to
whether the conviction level behind Wednesday’s downdraft was real or just
Memorex.
The benchmarks put in a shoddy
performance, and one that can’t be explained away.
Applied
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EMC
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Tellabs
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Positives: the lighter volume and the
mark-ups in the banks and bios.
A silver lining: The session gave some
overheated glamours that had hurriedly formed the right sides of their cups a
chance to cool on lower volume, potentially beginning the handle construction
process.
One such stock was Broadcom
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Another was Art Technology
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Ditto for California Amplifier
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Ditto for Ciena
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in an outside day.
Redback
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disappointing outing, down 15% on heavy trade.
Among the names, Medimmune
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moved up to the top of its handle.
Another bio, Myriad Genetics
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cleared a two-week range, then failed.
Another bio, Cephalon
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went out just beneath its near-term pivot.
And Corr Therapeutics
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closed just below its pivot after initially breaking through on solid turnover.
