Merci
Your standard
trend day, with beaucoups participation in all the right
places, the likes of which have been seen once a week recently.
The macro picture for the Naz over the
past three weeks is stand-up, with the accumulation-distribution score running
6-1.
Good buying of speculative names.
This has been one ingredient in the
bull recipe lacking for most of the post-March 10 period.
The semis tossed aside the Texan’s
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TXN |
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negative surprise and warning to rise modestly, with almost two winners for each
loser.
It would be healthy to see this group
pull back or go sideways for a spell given the fat gains — 33% on average —
over the past three weeks.
Meanwhile, more bad news was ignored.
For example, Cypress Semi
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warned after beating estimates, and its stock rose.
And Dell
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DELL |
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following Monday’s warning.
Last week’s positive guidance from IBM
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IBM |
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PowerRating) hoisted it near the top of the heap as far as tech benchmarks go…It
has been many years since I considered the stock to be a bellwether in terms of
sentiment…But its ability to locate the midpoint of its base is more than most
other bells can boast…Thus, it deserves some attention.
Microsemi
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MSCC |
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high handle on brisk activity.
Neuberger Berman
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NEU |
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on a six-week base.
Illinois Tool Works
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ITW |
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ready to test the top of its eight-month saucer.
The opticals — the cutting edge of
the speculative sentiment — acted very well, something that wasn’t the case
recently.
One fiber optic component maker,
recent new issue Optical Communications
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PowerRating), appears to be constructing
a handle to go with its 11-week bowl.
Another, Oplink
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OPLK |
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only about halfway up the right side of its base, is also under extreme
accumulation.
But XXIA
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IXIA |
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distribution in the wake of Monday’s breakout, reflective of the caution still
being seen at the most critical spot on the tape: the breakout.