Glenn:
Thanks for responses to my previous post...
Next few thoughts are along the general lines of TA, as opposed to the myriad of much-debated fundamental/valuation issues:
Did anyone notice/raise the point that the following five internet stocks all had "key reversal" days (believe that's what its called) on thursday of this last week, i.e. stock sets a new 52-week high intraday, and then closes down on the day? This is viewed as an extremely negative price action by many active traders, and I have not seen this happen simultaneously with this many big names since the June '98 sell-off in internets:
the five I noticed were: YHOO, AOL, LCOS, XCIT, and AMZN
With the exception of AMZN, (due, I believe, solely to the split announcement thurs after close), Friday's price action for each of the above-mentioned stocks was then contained by their respective key reversal prices from thursday, even though the DOW was up over 100 pts in a strong market.
wildbill |
