IQ, it would appear that there was a move from momentum stocks into what appears to be value stocks. All of these indexes were up nicely, DXX, 13.0%,(wow, what a move) CWX 5.2%, SOX 4.5%, GSO 4.4%, OSX 4.2%, YTK 4.0%, XBD 3.7%, NDX 2.7%, COMPX 2.3%, RUT 2%.
One comment, if you look at % increase today in almost all of the Hi Tech Sector you will notice that the leader with the best technical and fundamental profile were the lower % gainer in the following:
Box makers..........DELL 1.0%............................................ CPQ 10%
Disk Drives..........EMC & SEG 2.2%..................................QNTM & WDC 16%
Software...............MSFT 2.4%.............................................PSFT 5.1%
Internet.................AOL -(.68%)...........................................NWK 9.1%
Semis......INTC 3.42%, TXN 2.3%, VTSS 1.4%.....ALTR 7.2%, LLTC 5.4%
Semi - Equip........AMAT 3.12%.......................................NVLS 7.7%..Ter 10.2%
Telcom.............NT -(1.0%) LU 1.7%...........................TLAB 3.6%..ATHM 13.7%
With this in mind, I wonder if we are not now having having second tier buying, and it appears to be value oriented and fairly heavy. When do you feel the SOX is going to get to your 280 level ?
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