Chips Ahoy
A final rally
kicked in, the first such
happening in the Nasdaq since the day after Christmas.
A positive, be it small, is the action
of the semi equipment makers.
These have significant work to do, but
they are no longer going down week after week.
Specifically, I’m referring to
Novellus
(
NVLS |
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PowerRating), KLA
(
KLAC |
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PowerRating), and Teradyne
(
TER |
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PowerRating), which have been
outperforming over the past two to three months.
Otherwise, beneath the surface, Check
Point
(
CHKP |
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PowerRating), a rare tech outperformer over the last five weeks, came
unglued for the third day.
Ditto for BEA
(
BEAS |
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PowerRating).
Americredit
(
ACF |
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PowerRating) continued to
solidify just beneath the top of its 14-week base.
Ditto for BJs Wholesale
(
BJ |
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PowerRating) and
its seven-month base.
Cytyc
(
CYTC |
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PowerRating), one of the best
actors in the growth sector over the past few months, began to break down.
Kohl’s
(
KSS |
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PowerRating), mentioned Thursday
after it broke out of a five-month pattern, pulled back below the pivot.
On the bright side, First Data
(
FDC |
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PowerRating),
mentioned Friday,
broke out of its seven-month base on dense flow.
Merrill
(
MER |
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PowerRating), a curiosity as it
stands close to the top of its four-month formation, continued to resist arrest
as it gave scant ground in the wake of Ameritrade’s
(
AMTD |
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PowerRating) confession.
Eclipsys
(
ECLP |
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PowerRating) is working on a
sloppy seven-week base.
Paccar
(
PCAR |
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Chart |
News |
PowerRating) is loitering very
close to the top of its nine-month zone.