Briefing Com
The move to the second and third tier names happening sooner than we expected, as
money is flowing into the tech sector at a very rapid pace... Out of the 20 most actively
traded stocks Wednesday, 18 were tech firms... High-profile, large cap names were the
big winners early and they continue to perform well... Note, Compaq's gain amid
extremely heavy volume (44 mln)... But the sharp gains recorded by FORE Systems,
Parametric, Vanstar, Micron Electronics, PairGain, Teligent, Veeco Instruments and Asyst
Technologies indicate that the tidal wave into techs is now beginning to lift all boats...
Improved scope of gains underscores market's renewed confidence in sector... Of course,
you don't have to look too far back to realize that market mood shifts between hot and
cold on techs with alarming frequency... For now, mood is undeniably bullish... Nasdaq up
in 6 of the last 7 sessions, and 7% year-to-date... Software, chip, disk-drive and chip
equipment have posted much bigger gains, however... See Chip Equipment update below
for an idea of just how bullish tech stocks have been over past month. |
