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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (13374)8/25/1998 8:10:00 AM
From: Jenna  Read Replies (2) of 120523
 
Futures up 7.90.. Watch lists should run at least in the morning. Remember the stocks that were really hit like TLAB, REXI, CIEN, BKS and selected technology should rally. Stocks like AEOS and some others that beat estimates but have lagged due to market climate should likewise rally. I like to make the most of a rally by picking stocks that have very high intraday ranges (internet stocks) and have the best chance of a 5%+ gain in a few hours. AMZN finished strongly yesterday as did LCOS and I look to them for further leadership in the sector, but look to SEEK, YHOO, XCIT, INKT, CMGI, GCTY as well.

As always, temper your enthusiasm with the sobering fact that things can always turn around after the initial upswing. Investors stuck in stocks that are trading below their 200 day moving average will look to any opportunity for profit taking. According to Investor's Business Daily .... the percentage of NYSE stocks trading above their 200-day is only 26% down from 85% in October. That means 74% of all NYSE stocks are now in long-term downtrends. That's the most bearish reading since late '94, when stocks were in a 'stealth' bear market by some analysts' readings. The popular stock market averages, then and now, camouflaged the real damage....

Now of course when this happens us contrarians are bullish. Just be cautious.
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