No M&A activity is going stop the distribution, profit taking we touched on last night on the NASD. Add on head banging resistance and you get a 42 point swing from hi to lows of the day. Some of this showed up in DJIM stocks and a lot of it didn't. You could say a few deserved some profit taking. AXR and GROW shot to $137+ and almost $70 respectively, both about 5+% above Friday's already somewhat extended close. You could throw JST into the mix. Basically the 3 biggest runners exhausted themselves as the NASD turned late morning. Excluding the oil related issues, AXR/JST sustained the most pain. There was little pain elsewhere among DJIM names as most finished green..barely ...but green is green!. The great thing about that is if you scare easily, today provided you with an opportunity to sell your stock near a top while the rest of the market struggled ..
ATNI ZOLL OPTM and almost all the NYSE stocks closely followed at DJIM...DLB MBT VIP closed green.
The best of the day were ABM, which kissed $24 and finished up 2.5% with a NCH. The other is ROS which tacked on another $1+ and a new NCH. These two definitely have some new found interest out there, we're not the only ones liking how these are trading.
Todays action started with a decline in the small caps but eventually the large caps took over. If this round of selling continues, never forget your stock could be next. In small cap land, they sometimes fall like dominos. The best performers take it hard and those are most likely here at DJIM. Luckily, this market has had the dip buyers at every turn to support any tumble. It shouldn't be any different into the end of '06 if this was to occur. We are just leaving it to short term bets now, not too many sleep overs for us.