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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (48636)7/28/1998 12:30:00 AM
From: Dwight E. Karlsen   of 58727
 
the DOWN VOLUME on the NYSE exceeded the DOWN VOLUME (325 million to 274 million).

Don...that's indeed profound. -G-

my list of software stocks showed that only a few issues closed positive, with MSFT and ORCL the notable exceptions. Lots of others lost quite a bit:

techstocks.com

In the internet sector it was similar...AMZN and YHOO up, virtually all the others down.

Not a very brave rally, bunched up in the "NO FEAR" stocks as it was. While INTC and ORCL aren't in the momentum camp, these companies aren't going away either, as each have dominant positions in their respective sectors.

While these NO FEAR stocks may entice longs back in, as you noted this market is on tenderhooks on a technical basis, with a/d line going lower and lower. As such, if the ECI on Thursday (8:30AM EST) is up again, that might be enough to knock the mkt back to a retest of today's lows or lower.

I don't see much pain out there yet from the longs, so that tells me we will be working our way back down somehow.
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