Market: Can You Say “Follow-Through”?
Just when the bulls
thought the worst was over, no
follow-through.
What made the session a negative was
the fact that the market opened firm and closed soft.
The hallmark of a down trend.
And so the onus is clearly on the
bulls to show that Friday’s a.m. low of 3614 will stand.
On the plus side, as is often the
case, the averages didn’t tell the whole story Monday.
For instance, of the best-acting
growth stocks, only half ended up in negative territory.
Meanwhile, beneath the surface, the bios remain one of the best
looking groups, a rare winner Monday.
Among the bios, Cor Therapeutics
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CORR |
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hurdled a four-week zone Monday on good turnover.
Enzon
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ENZN |
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multimonth base.
Human Genome
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HGSI |
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showing some nice basebuilding.
IDEC
(
IDPH |
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six-month base Monday before failing.
Imclone
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IMCL |
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do, but is one of the most constructive patterns in the group.
Ditto for Protein Design
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PDLI |
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PowerRating).
Medimmune
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MEDI |
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seven-month base on good volume before failing.
Elsewhere in the market, Cacheflow
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CFLO |
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flowed.
Loser of the day: Network Appliance
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NTAP |
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down 11% on thick volume, though well above its recent pivot.
Another leader, Interwoven
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IWOV |
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came under heavy distribution after a promising start, with volume its heaviest in nearly three months.
Seeing newer names prance all over the
tape is a distinct positive.
And so it was a mild plus to see
Handspring
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HAND |
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The same for McData
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MCDT |
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followed through on Friday’s breakout of a brief range.
BEA
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BEAS |
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top of a seven-month base before closing just before the lip…this was a good
actor showing relative strength during the Naz’s afternoon teeter totter.
Micromuse
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MUSE |
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the top of its multi-month formation on impressive volume, only to fade in the
final 60.