Nothing To Crow About
A good enough
day for the Naz, the bells, and the glamours.
Of course it’s only one day.
And that means little to the
intermediate player in the grand scheme of things.
The problem with Tuesday’s dealings,
at least for position traders, is that many benchmark issues, though higher,
didn’t rise on increased volume from the prior day.
A look at the Nasdaq 100 confirms
this.
You must see this for at least a
couple of days off a low to gain any sort of encouragement that a short-term low
has been printed — let alone an intermediate low.
But this was probably the only real
minus with Tuesday.
Otherwise, as nice as the semis looked
Tuesday, the majority of them are laden with all types of overhead supply.
Cirrus
(
CRUS |
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PowerRating) is an exception,
surging out of a weeklong pullback to a new high on heavy trade.
Integrated Device
(
IDTI |
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PowerRating) is
another exception, also vaulting to a record.
Transwitch
(
TXCC |
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PowerRating) is another, as
it works on completing a six-month base.
In a market that hasn’t responded well
to good news, a modest positive was Intel’s
(
INTC |
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News |
PowerRating) ability to react to an
upgrade.
Elsewhere in the benchmark set, EMC
(
EMC |
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PowerRating),
the must-own must-own, inched closer to virgin turf on good turnover.
Among the vogue names, Network
Appliance
(
NTAP |
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PowerRating), Monday’s breakout in the growth sector, followed through
nicely.
Aeroflex
(
ARXX |
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PowerRating) showed good tone
as it wended its way up the right side of a six-month base.
Handspring
(
HAND |
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PowerRating) continued its
creep up the right side of its W-shaped base.
IDEC
(
IDPH |
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News |
PowerRating) remains in a series
of sequential 3-4 week ranges.
Interwoven
(
IWOV |
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News |
PowerRating), showing its
fourth accumulation day in the last half-dozen, busted out of a six-month base
on volume.
Juniper
(
JNPR |
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News |
PowerRating) was the day’s star
inside the glamours…it’s in a three-week consolidation.
Mercury
(
MERQ |
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News |
PowerRating) hurdled a
six-month base, but didn’t close especially well.
PMC
(
PMCS |
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Chart |
News |
PowerRating) moved convincingly off
the psychologically important 200 level…pullback players take note.