Trend Setters and Range Riders Message Board

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Strategies & Market Trends : Trend Setters and Range Riders

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To: bobby is sleepless in seattle who started this subject	5/31/2001 8:49:25 PM
From: keithcray	Read Replies (1) of 5732

Briefing Says: Another 15% to 30% downside on mid cap Naz growth stocks possible. Updated: 01-Jun-01 Please note: Briefing.com is provided as an information service only. Briefing.com does not make specific trading recommendations or provide individualized investment advice. Readers should make investment decisions based on thorough research and their own investment criteria. See Disclaimer. General Commentary Short-sellers decided to take some money off the table on Thursday, after early resilience in tech ignited fears of another squeeze-induced rally... Market technicals would have suggested at least an additional half-day of selling before an attempt at a rally. When the early selling did not materialize, traders who had been aggressively leaning against stocks since Friday decided not to press their luck. Another meaningful catalyst behind the Nasdaq advance was an analyst's negative comments in the morning on semiconductor equipment maker Novellus (NVLS). After CNBC's over-dissemination of this information began to weigh on stock (and sector) in pre-market, became a given that traders would look to ramp stock (sector) off the gap down open. Issue managed an intraday advance of 5 pts (11.4%) off its intraday low... A day that previously had been devoid of catalysts was suddenly handed one that traders and investors could work with... Another case of an analyst being two steps behind the market in accessing new data. As discussed yesterday, it is difficult to make the case for being an aggressive buyer here. Feel that large-cap leaders have returned to levels that would warrant accumulation by investors with a 12-18 month outlook. However, investors with a shorter time horizon and/or higher risk profile will find there will be an opportunity to acquire some of the more attractive mid-cap growth names at 15%-30% discounts to current levels. Would expect the fast money to return to these stocks once the path has been cleared by the July quarter earnings pre-announcements that companies will begin issuing over the next several weeks. Damon Southward

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