Put ‘Em On, Take ‘Em Off
More quarter-end
fun and games.
That meant another distribution
session in the Naz.
The sixth such occurrence in three
weeks.
And the third early-up, late-down day
in a row.
Of note were the sharp setbacks dealt
to the opticals.
In particular, JDSU
(
JDSU |
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PowerRating) lost
5% and Corning
(
GLW |
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News |
PowerRating) shed 6%.
This as Nortel
(
NT |
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Chart |
News |
PowerRating) continued to
put in its huge top, down 10%, as it knifed right through its 200-day.
Some recent breakouts, a good measure
of sentiment, came off on drying volume.
For example, Handspring
(
HAND |
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PowerRating)
hung in well.
Network Appliance
(
NTAP |
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Chart |
News |
PowerRating) also
resisted arrest.
Ditto for McData
(
MCDT |
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Chart |
News |
PowerRating).
And for JNI
(
JNIC |
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Chart |
News |
PowerRating).
Brocade
(
BRCD |
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Chart |
News |
PowerRating) went out right at
its recent short-term pivot.
BEA
(
BEAS |
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PowerRating) acted like a champ.
As did Micromuse
(
MUSE |
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News |
PowerRating).
But Interwoven
(
IWOV |
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Chart |
News |
PowerRating) shed 9% as
it came closer to its pivot @ par.
And Globespan
(
GSPN |
Quote |
Chart |
News |
PowerRating) came down
loudly on big volume.
Fuelcell Energy
(
FCEL |
Quote |
Chart |
News |
PowerRating) put in a
"topping tail," similar to what Interwoven did Monday before dropping
10% over the past two outings…however, volume decreased from Tuesday, a far
cry from the heavy turnover that accompanied Interwoven’s dealings on Monday.
Transwitch
(
TXCC |
Quote |
Chart |
News |
PowerRating) was stopped
dead in its tracks just a whisker away from the top of its seven-month base.
So the leaders — what few there are
— bend but don’t break.
Most of them, that is.
Small consolation for those position
traders that have bought the breakouts, only to watch the follow-through fail to
follow through.
"You put ’em on and you take ’em
off," sighed an exasperated trader.
Plenty feel the same way.