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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.92

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Nov 7 4:00 PM EST

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To: Johnny Canuck who wrote (36924)	5/2/2002 7:21:51 PM
From: Johnny Canuck	Read Replies (1) of 67751

14:51 ET Market Action Another day of quiet capitulation in the technology sector, as investors succumb to the steady technical erosion (aka bleeding) in former mega-cap group leaders such as EMC (-8.9%), ORCL (-10%), SUNW (-6.7%). With prospects for a recovery in earnings growth constantly being pushed out and valuations (relative to historic norms and other sectors) making current stock prices seem excessive, many institutional investors are finally throwing in the towel on these turnaround buys. For some, hard to believe that bellwethers such as these could ever fall to the single-digits. But after multiple stock splits during the go-go years, $10.00 doesn't buy you as much of these companies as it used to.

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