Telecom Tries To Leave Lows

  • August 25, 2000
  • Loren Fleckenstein

The tradable funds
were largely confined to range-bound action Friday, while
the resurgent biotech fund pulled higher and the battered
telecom basket tried to come off a bottom.

The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) advanced 3.3%, the day’s sharpest gain among the href=”/.site/funds/feducation/basicknwg/02292000-4509.cfm”>exchange-traded
funds. The HOLDR is approaching resistance at 202 (see color=”#0000FF”>Point A in chart). The basket
of biotechs has already exceeded its 50-day moving average
and mid-level.

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Among the HOLDR’s
component stocks, ICOS
(
ICOS |
Quote |
Chart |
News |
PowerRating) rose 1 3/8 to 58.

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The Telecom HOLDR
(
TTH |
Quote |
Chart |
News |
PowerRating) gained 1.4%. The basket is trying to come off
recent lows, but it’s far from challenging the long-term
downtrend.

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The B2B Internet
HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) lost 4.7%, the biggest loss of the day among
the ETFs, but as the chart shows, the decline came on an
inside day within a tightening trading range.

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