Playing Coy
More sideways
action,
though with a negative bent Thursday.
Volume slowed 7% on the Naz, desirable
on a down day, the index showing its noncommittal side in keeping with the
groove of the past month.
The market’s added caution over the
past week was reflected by Thursday’s shabby IPO performance.
The things that mattered, like the
bells, glamours, bios, and Group of Seven, were shaded red, but not
deleteriously so.
In the bells, EMC
(
EMC |
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PowerRating) lost
ground for the seventh time in eight outings.
Tellabs
(
TLAB |
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PowerRating) has shown very
nice tone over the past four sessions as it edges close to the top of the
seven-month pattern.
Intel
(
INTC |
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the second day in three.
Among the names, Art Tech
(
ARTG |
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PowerRating)
should be monitored as it speeds up the right side of its 16-week
cup…price/volume correlation is compelling.
GSI Lumonics
(
GSLI |
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PowerRating) burst out of
a four-month cup-with-handle on turnover nearly four times its norm.
Juniper
(
JNPR |
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PowerRating), showing great
intraday price persistence of late, continued to put the finishing touches on
the top of its three-month cup…volume was 30% above usual, a plus…as Greg
Kuhn has noted, it’s always bullish when volume surges near the completion of
the right side of its cup.
In the bios, Abgenix
(
ABGX |
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PowerRating) is
near its midpoint as it shows constructive action.
Ditto for Immunex
(
IMNX |
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PowerRating).
And for IDEC Pharmaceuticals
(
IDPH |
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PowerRating).
Cephalon
(
CEPH |
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PowerRating) is edging into
the apex of a four-month triangle.
Human Genome
(
HGSI |
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PowerRating) is acting
well following a 151% move off the May 24 lows.
The clear leader in the bios, Techne
(
TECH |
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PowerRating),
is materially extended and doesn’t offer a low-risk entry point.
Elsewhere, Amphenol
(
APH |
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PowerRating) failed
on Wednesday’s attempt to break out of a nine-week base.
Mercury Interactive
(
MERQ |
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PowerRating) is
emerging from a pullback.
PLX Technology
(
PLXT |
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PowerRating) is coming
out of a 1-2-3 pullback.
Sepracor
(
SEPR |
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PowerRating) disappointed by
failing on Wednesday’s breakout.
Siebel
(
SEBL |
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PowerRating), under exteme
accumulation, is in the second week of a handle to go with its 14-week cup.
Verisign
(
VRSN |
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PowerRating) rose for the
second day as it attempts to pull itself back into leadership status.
In all, another day that tells us
little about the market’s true intentions.