Tech Funds Lead Peers South
The tradable tech funds led their
peers lower Thursday as Nasdaq leadership stocks fell amid rising market volume.
The decline was broad, with defensive, cyclical, industrial and blue-chip funds
giving ground as well.
The Biotech HOLDR
(
BBH |
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PowerRating), which
Wednesday entered overbought territory on the Relative Strength Index, took the
biggest hit among the tradable funds. The basket of biotech companies shed 5.1%
to 175. The Biotech HOLDR is at an important juncture. In the prior session, the
tradable fund surpassed its mid level of 179.
The Internet HOLDR
(
HHH |
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News |
PowerRating) slid
5.0%, undercutting its 50-day moving average.
The Semiconductor HOLDR
(
SMH |
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PowerRating),
which began trading May 5, forfeited 4.9% on rising volume.
The only exchange-traded fund to
finish the day in the plus column was the Japan WEBS
(
EWJ |
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PowerRating). The fund closed
right at its recent resistance level of 15 1/8.
Stocks Behind The
Funds
The Biotech HOLDR’s losses were
distributed through a majority of its component stocks. But the declines came on
sub-par volume for the most part. No wholesale run for the exits.
Amgen
(
AMGN |
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PowerRating), the largest
component and the largest biotech by market cap and revenue, gave up 3 5/8 to 66
11/16. MedImmune
(
MEDI |
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Chart |
News |
PowerRating) declined 5 15/16 to 71 3/16. Celera
(
CRA |
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Chart |
News |
PowerRating) slid
16 1/2 to 120.
