niteowl, no, on my "to do" list and here's a little something on a bunch of our 'faves':
Interpreting Sycamore
8/21/00 4:28 PM ET
We think Sycamore (SCMR:Nasdaq) was just a "distribution" of stock, the type that happens after venture capitalists release stock to individual members of their pools, who then sell it. I am in a pool and when I get it I keep it, because I have done work on the company. But most people in my position haven't, and they look at their basis, they look at the stock price and they dump!
Long Sycamore.
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No Surprises
By Kevin N. Marder
August 21, 2000 4:25 PM EST
No surprises for the day-before-the-Fed.
That meant skimpy volume (again), few moves of any significance, and little to be gleaned about overall market trend.
Over the past eight sessions, the Naz has put in four accumulation days and no distribution days.
Benchmark techs sloshed around in the conviction-less trade, with only Cisco (CSCO), up 3%, able to chisel out something in excess of 2%.
Among the names, Electronic Arts (ERTS) is forming a three-week, micro cup-with-handle.
Ciena (CIEN) made up for some of Friday's disappointing performance...then, it broke out of a five-month base on big volume in the opening minutes of action before reversing and closing below the lip near the low of the intraday range...beware of stocks like this that run up a large amount in a brief time period (in this case, 50% in two weeks) and then immediately break out of a range without any sort of pullback to shake out weak holders...
Applied Micro Circuits (AMCC) is a near-carbon copy of Ciena...it, too, went up about 50% over the past two weeks, drove to a new high Friday, then eased Monday.
Sycamore (SCMR) was yet another example of a stock that failed shortly after breaking out...in this case, the breakout wasn't to a new high, but rather to a five-month high...the failure itself wasn't as disconcerting as was the elevated volume that accompanied the failure.
Micrel (MCRL) broke out of a five-month base, only to close below the top of its range.
Ditto for Semtech (SMTC).
Juniper (JNPR) is another issue that ran up about 50% over the prior two weeks...its behavior, along with Sycamore and Ciena, should be among those glamours monitored for sentiment purposes.
Ariba (ARBA) is forming a two-week triangular shelf as volume dims.
Aspen Technology (AZPN) continues to show some positive money flow characteristics...the enterprise software developer's earnings record isn't attractive, making it a questionable target for the intermediate trader, however the swing trader may wish to keep this on his or her watch list...technically, the stock completed a head-and-shoulders bottom two weeks ago and has been tracing a pennant since.
Broadcom (BRCM) stood a whisker away from the pivot of its five-month cup-with-handle.
Brocade (BRCD) idled bullishly on thinner trade for the second session.
Check Point (CHKP) spun its wheels in a narrow range.
Power One (PWER), a leader, disappointed for the second day.
Redback (RBAK) was shoved down out of an eight-day shelf.
In all, though the averages were slightly positive, the failures of Sycamore, Applied Micro, Micrel, Semtech, Redback, etc. nudged this one slightly into the negative column. |
