If the April lows hold, Among the stocks likely to enjoy the strongest snap back moves include Siebel (SEBL), Veritas (VRTS), Juniper (JNPR), Sun Micro (SUNW), Brocade (BRCD), Nokia (NOK), ONI Systems (ONIS), Applied Materials (AMAT), Broadcom (BRCM), AOL Time-Warner (AOL), PMC-Sierra (PMCS), Checkpoint (CHKP), Oracle (ORCL), EMC (EMC), Openwave (OPWV), Cisco (CSCO) and BEA Systems (BEAS).
General Commentary
Yep, you guessed it - another day, another loss... Makes 18 losers out of last 25 trading days for Nasdaq... Hard to believe but Nasdaq has had a worse month than the Boston Red Sox... Big difference: folks in Boston have come to expect a late summer swoon... The steady diet of losses in the tech sector is a much newer and, hence, more difficult pill to swallow.
About the only good news in tech sector is that at the rate the Nasdaq is declining it won't take long to test the April low... Traders have been waiting on a test of this floor ever since the index broke below 1880... If it holds, we could finally begin to see some (short-term) bargain hunting, which carries the index anywhere from 200 to 300 points higher in relatively short order.
Among the stocks likely to enjoy the strongest snap back moves include Siebel (SEBL), Veritas (VRTS), Juniper (JNPR), Sun Micro (SUNW), Brocade (BRCD), Nokia (NOK), ONI Systems (ONIS), Applied Materials (AMAT), Broadcom (BRCM), AOL Time-Warner (AOL), PMC-Sierra (PMCS), Checkpoint (CHKP), Oracle (ORCL), EMC (EMC), Openwave (OPWV), Cisco (CSCO) and BEA Systems (BEAS). |
