Tech Funds Rebound, Cyclicals Fall
Tech funds
rebounded with their component stocks Monday after a
manufacturing activity report in Chicago showed evidence of
a slowing economy. However, there’s nothing here for the
intermediate-term momentum trader to get excited about.
The tech funds
bounced but did not make up losses in the prior session, let
alone assert fresh uptrends or challenge resistance.
The Nasdaq 100
Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) picked up 2.9%, the Internet
Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) 2.4%, the Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) 3.1%, the Technology SPDR
(
XLK |
Quote |
Chart |
News |
PowerRating) 2.1%.
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The defensive
Pharmaceutical HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) fell 1.3%.
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The
Cyclicals/Transportation SPDR
(
XLY |
Quote |
Chart |
News |
PowerRating) lost 1.9%. The
tradable fund was hurt by the selling in the retail sector.
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Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating),
the largest component in the exchange-traded fund, fell 3
9/16 to 55 1/8 on heavy volume. A Merrill Lynch analyst
reported that the world’s largest retailer is experiencing a
significant decline in market share.
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Target
(
TGT |
Quote |
Chart |
News |
PowerRating),
another large holding in the Cyclicals/Transportation
Spider, lost 1 7/16 to 29.
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