Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Cary Salsberg who wrote (5480)	9/19/2002 8:21:25 PM
From: Return to Sender	Respond to of 95420

>I looked at the chart. I can only conclude that "most of my other favorites" fell off the bottoms of their charts and can no longer be seen!<G>< Oh man, that got me laughing big time! Seriously all your favorites are profitable companies because they are so well run. In my last post I forgot to list my concerns about expensing stock options as having a negative effect on the market. If Congress forces this on these companies then this is something that could really cut into the profits of many a technology company. Why do I like LLTC's chart? Mostly because LLTC is simply the most oversold of the six stocks you like the best but they are all oversold. It did try to rally the last two days. To me that could mean it will bounce higher in a rally. I could be very wrong. Here is some interesting commentary from Harry Boxer: GETTING NEAR CLIMACTIC LEVELS, BUT NOT QUITE THERE YET By Harry Boxer, The Technical Trader (www.thetechtrader.com) thetechtrader.com It was more of the same today and very ugly. The market gapped down fairly large at the opening, immediately taking the indices down to near Wednesday’s lows. They bounced briefly and then made nominal new lower lows on the Nasdaq 100 and the S&P 500. Then the indices moved higher in a morning rally especially on the Nasdaq 100, but the DJIA & S&P 500 trailed badly during that move. Around mid-day the indices backed off and then retested the highs and failed. At that point the market started coming down in a slow-but-steady three-step decline to the lows for the day right at the close. The Dow closed down 230 points, broke below 8000 and stayed there. The S&P 500 was down a hefty 26, the Nasdaq Composite 35, the Nasdaq 100 down 29, and the SOX down a whopping 4%, or another 10 points, a four-year low. A review of the technicals bore out how ugly the day was. There were 2500 down on New York, only 750 up, about 3 ½ to 1. Up/down volume was very negative, with nearly 1.3 billion down and only 188 million up. Advance-declines on Nasdaq were 10 to 24 negative, and the up/down volume was 14 to 1 negative, with 1.4 billion down and only 100 million up. That’s getting near climactic levels. Some technical indications that a low may be near are the sharp increases in the VIX and VXN indicating a rise in fear. This could mean the indices may soon be culminating in another tradable low , but we’ll have to see how the next few days go. The VIX closed over 46, up 5 ¼, and the VXN closed at 62 ¾, up 3 ½. In addition the NYSE McClellan Oscillator closed today at -158 , getting very much into oversold territory A review of my personal board again saw all stocks with losses, as techs and biotechs had a very bad day today. The two major losers on my board today were IBM, down 4 ¾ on bad news from EDS, and Amgen, down 3 ½ on news of a major stock sale by Wyeth Laboratories. In addition to that, Checkpoint had a big percentage loss, down 1.42. The only other point-plus loser was eBay, down 1.03. Other than that, no stocks dropped as much as a point, but there were losses across the board. Stepping back and reviewing the charts, today the triple-bottom on the Nasdaq 100 around the 876-880 zone going back nearly two months was pierced and we closed below that. So it’s very possible that we’ll get a test of the low for the year around the 856 level that was put in on August 5. We’ll see if that’s able to hold, but it’s only 10 points from the closing level. The S&P 500 also broke a key support level by getting down below the 855 area, and that looks like it may be headed to the early August lows. That came in around the 833-35 zone, and there’s a chance we’ll that tested tomorrow as well. Right now continuous selling pressure & downside momentum dominate the market and until we get the oscillators and some of the fear readings in an area where the market is oversold enough to rally, we may be headed lower. We’re now getting close on several of those indicators, so I’m expecting that a potential tradable low could come during the next few days. Good trading!