Just Another Summer Friday
Despite the
red tint to the averages and most leaders Friday, what selling there
was came on ebbing activity.
I will need to see more volume on days
like this to get worried about the health of the intermediate trend.
Thus, a look at Juniper
(
JNPR |
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PowerRating),
MRV
(
MRVC |
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PowerRating), PMC-Sierra
(
PMCS |
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PowerRating), Brocade
(
BRCD |
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PowerRating), Sycamore
(
SCMR |
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PowerRating),
Tibco
(
TIBX |
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PowerRating), etc. revealed little or no urgency to the selling.
The highlight in the bells was Sun
(
SUNW |
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PowerRating),
jumping to the top of its four-month base on heavy turnover.
Elsewhere among benchmarks, things
were quiet, with Nortel
(
NT |
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PowerRating) penetrating fresh turf and EMC
(
EMC |
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PowerRating) setting
another new high.
Cisco
(
CSCO |
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PowerRating), locked in a
four-month base, has only shown two distribution days in the last nine
weeks…it appears to be forming a head-and-shoulders bottom.
Among the names, Applied Micro
(
AMCC |
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PowerRating)
inched up toward the top of its handle.
Check Point rebounded for the second
day as it tries to resume development of the right side of its cup.
Globespan
(
GSPN |
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PowerRating) continued to
constructively build a handle to go with its four-month cup.
Ditto for Human Genome
(
HGSI |
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PowerRating),
and its low-level handle.
Verisign
(
VRSN |
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PowerRating) is showing decent
money flow characteristics as it rocks back and forth within a six-week band.
Bookham Tech
(
BKHM |
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PowerRating), an optical
play, emerged from a cup-with-high-handle on volume over double its usual.
Tibco
(
TIBX |
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PowerRating) completed the first
week of a handle to go with its four-month, double-bottom base.
Recent new issue Pixelworks
(
PXLW |
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PowerRating)
drove out of a six-day pullback on average trade.