Go to Jeff Salisbury LWGate Home Page.From: Spencer48@aol.com
Subject: [CANSLIM] Re. IBD's The Big Picture Take On Wed. Close
Date: Thu, 9 May 2002 12:52:12 EDT
Previous Article (by Subject): RE: [CANSLIM] Curious in Florida "Duke Miller"
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Duke, Jon, et al,
IBD today in the Big Picture is in the same question-mark terrirtory as
everyone else. This is what it has to say about yesterday's rally (I'm
transmitting only what I believe are the relevant passages):
"The impressive rally came in higher but not blistering volume, a
curious lack of intensity for such large percentage gains. Did sellers just
step aside after they failed to drive stocks down on a 20% spike in Nasdaq
volume Tuesday?
Indeed, many market pundits dismissed the day's big move as nothing more than
a snapback or short-covering rally. The Nasdaq had shed 19% since March 11.
Take a look at longer-term weekly charts of the day's big tech winners such
as QLogic (QLGC), Mercury Interactive (MERQ) and Microsoft. They remain mired
in long downtrends.
But from a contrarian point of view, Wall Street's coolness indicated the
rebound may be for real. The herd is almost always wrong.
The market will have the final say in coming days. Additional big rallies in
heavier volume would solidify the case for a meaningful turnaround. Don't
expect an answer until sometime next week.
Will a revival in techs and big caps come at the expense of smaller-cap
stocks, the market's most recent leaders?
Smaller indexes trailed the big averages Wednesday. The small-cap Russell
2000 picked up 2.2%. The S&P MidCap 400 performed better with a 2.7% increase.
The initial advance off the September bottom taunted growth investors. The
market overlooked or sometimes punished strong stocks with solid profits.
Beaten-down techs with terrible earnings rallied effortlessly.
There were shades of that rotation Wednesday. Leading retailers such as Urban
Outfitters (URBN), Ruby Tuesday (RI) and Panera Bread (PNRA) lost ground in
above-average volume.
Direct Focus (DFXI) dropped 1.71 to 40.27 in triple normal volume. Expedia
(EXPE) and Hotels.com (ROOM) both gapped lower in fast trade."
jans
In a message dated 5/8/2002 5:23:33 PM Eastern Daylight Time,
dukemill@tampabay.rr.com writes:
<< I just ran a check of the various portfolios I've assembled.
Surprisingly, NONE are up today. Average result: -.96%
Duke
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of J. Lobatto
Sent: Wednesday, May 08, 2002 11:48 AM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] Curious in Florida
Ditto... Have noticed today that strong stocks that had been doing well
over the past couple of weeks are either barely participating in today's
rally or even heading south. This could be just a one day tech
rally.....
Jon >>
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