Mixed And Betwixt
The sector funds
continued their backing-and-filling ways. The tradable tech
funds wrapped up the day’s biggest gains but remained
largely range-bound. The defensive funds sent mixed signals.
The market —
particularly the tech sector — is perfectly justified in
this sideways act. The Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating)
has appreciated nearly 30% from its lows over the past 10
sessions. The Internet HOLDR is up 29% over its recent low.
The Technology SPDR
(
XLK |
Quote |
Chart |
News |
PowerRating) is up 21%.
The Internet
Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) rose 5.8% Wednesday, the
day’s biggest gain among the exchange-traded funds. The
Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) picked up 5.1%, the Internet
iShares
(
IYV |
Quote |
Chart |
News |
PowerRating) 4.2%, the B2B HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) 3.7%, and
Internet Architecture
(
IAH |
Quote |
Chart |
News |
PowerRating) 3.6%. The Nasdaq 100
Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) added 2.8%.
src=”https://tradingmarkets.com/media/images/fundmovers/fundmovers060700-05.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/fundmovers060700-06.gif”
width=”470″ height=”320″>
In the defensive
arena, the Pharmaceutical HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) rallied above its
50-day moving average, then fell back to end the day off
0.4%. The Consumer Staples SPDR
(
XLP |
Quote |
Chart |
News |
PowerRating) gained 1.1%.
src=”https://tradingmarkets.com/media/images/fundmovers/fundmovers060700-03.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/fundmovers060700-04.gif”
width=”470″ height=”320″>
The Diamonds
(
DIA |
Quote |
Chart |
News |
PowerRating),
which track the Dow Jones industrial average, rose 0.7%.
src=”https://tradingmarkets.com/media/images/fundmovers/fundmovers060700-01.gif”
width=”470″ height=”320″>
The blue-chip
index owed more than half of its move to International
Business Machines
(
IBM |
Quote |
Chart |
News |
PowerRating). The computer giant rallied 8
5/8 to 121 on strong volume after a Goldman Sachs analyst
said IBM was on the road to a return to revenue growth.
src=”https://tradingmarkets.com/media/images/fundmovers/fundmovers060700-02.gif”
width=”470″ height=”320″>
The stock rallied
above its 50-day moving average and cleared its mid-level of
114. The mid-level, or midpoint, is the price level where a
stock has overcome half the maximum point loss of a recent
correction. It’s a key test of a stock’s ability to overcome
oversupply, the amount of stock in the hands of shareholders
with paper losses.