Sand Spring Advisors LLC
Short-term Update
July 16, 2002
by, Barclay T. Leib
As the S&P 500 and Dow have gotten pummeled in the past week, the Nasdaq Composite and the Nasdaq 100, in particular, have actually held up quite well. Back on June 25th, we called for 970 as our downside Nasdaq 100 Fibonacci target, and after reaching that region July 2nd, it may surprise some, but we've still been holding nicely above that area ever since.
Overall, a Dow and S&P decline at a time when the Nasdaq refuses to go down, smacks a bit of capitulation, but certainly of sector-rotation. With hindsight, it would now appear that certain mutual fund investors may have bailed out of stocks in general in recent days (particularly large-caps), as opposed to tech-specific entities (that presumably many shifted out of previously). Whereas the Nasdaq 100 thus used to be our loss leader, now the Dow has suddenly become such.
It also leads us to the odd proposition that such beaten-up names like Gateway (pictured below) now appear prepared to return from the abyss (at least for a breath of air), while many big cap names such as Philip Morris and GM still appear technically sick.
Chart constructed Using Advanced GET End-of-Day
Could the tech and biotech sectors thus begin a rally, while the Dow now starts to flounder? Stranger things have happened in this market, and we update our subscribers here with our latest thoughts on a wide variety of topics. We also offer a specific listing of current bullish and bearish technical views of individual equities that we have previously commented upon.
Non-subscribers are invited to sign up for our premium level of service below, and gain immediate access to this commentary entitled "Biotech Bottom," plus access to earlier Sandspring.com analysis as detailed below.
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