The Dry-Up
Profit-taking —
and tears — were at a minimum.
More constructive action on a few
fronts.
The bells, easing on a dry-up of
activity.
Dell
(
DELL |
Quote |
Chart |
News |
PowerRating), losing all of 1/8
after warning.
The retailers, extending their
five-month period of outperformance, continuing to suggest that the landing will
be soft.
The semis also acted well; lower, but
on drying volume.
Among the names, IXIA
(
XXIA |
Quote |
Chart |
News |
PowerRating)
popped out of an 11-week base on big volume.
IXIA has big earnings, big revenue
growth, hit a fresh high miles ahead of the rest of the market, represents
“something new,” is in a growth group, and is a complete unknown to
99% of investors.
In other words, IXIA is the exact type
of stock that often leads the market out of a severe correction or bear.
Thus, its behavior over the next
sessions and weeks will be of some interest, though there are few other
“new names” acting anything like IXIA.
Microsemi
(
MSCC |
Quote |
Chart |
News |
PowerRating) put in some more
handle-building.
Alliance Capital
(
AC |
Quote |
Chart |
News |
PowerRating), near the top
of its four-month base, eased for the second day on dimming volume.
Peoplesoft
(
PSFT |
Quote |
Chart |
News |
PowerRating) nudged up to
the top of its handle.
You can count on one hand the number
of growth stocks that have broken out and followed through.
A few more have taxied into position.
Now that bad news is good news — at
least for the moment — these stocks’ behavior will be important.
In the meantime, the dry-up in
turnover in many key issues Monday was one small step in the right direction.