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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (22074)	7/16/1999 3:34:00 PM
From: Johnny Canuck	Respond to of 70308

Semi Equip Stocks continuing their run. ************************* 16-Jul-99 11:27:56 Shares of KLA-Tencor are outperforming the broader semiconductor sector, spurred by aggressive day traders. Speculative-short-term investors helped KLAC surge to a new 52-week high of $71 3/4 before institutional investors stepped in to lock in gains, stalling this morning's rally. July options expire today and a quick review of KLAC's options data showed that the July 70 puts were unusually active. This suggests that today's rally may be related to options expiration/short covering. I-Watch data shows institutional brokers have claimed about 20% of today's volume which is consistent with today's block trading data. Just under 20% of total volume can be traced back to a block transaction. With the bulk of today's volume attributable to activity from speculative traders, watch for increased volatility going into the afternoon to go along with the diminishing liquidity we are likely to witness this afternoon.