The RF to Light 100 dropped another 3% last week, YTD + 9% at 2311. We are 8% down now from its peak two weeks ago, which was reached after five consecutive quarterly increases - a very long period. Increased core inflation data created another sell-off last Wednesday. It should have been old news. The NASDAQ is now down - 0.5% for the year while our sector is still up 9% reflecting strong growth. As other key inflation indicators decreased last week, the stock sell-off might have more to do with risk aversion than expectations of a spiraling down economy. Note that the Fed rate during 1996-1999 was between 4.75 - 5.50 points and the economy was doing great as well as the stock market.
In the news: Emerging markets trapped in the firing line. Mixed data give cause for cheer and concern at Wall Street. Resilient dollar fights back after weeks of falls. Copper, oil and gold go into retreat.
Market oversold indicator: up at 67
Market overbought indicator: down at 61
New Highs: (18) AEIS, AGRE, AMK, ANAD, ANEN, ARXX, AVX, BA, DOV, ELMG, FCS, FSL, IFX, ROG, RTN, STXN, TQNT
New Lows : (7) ANDW, CMTL, INTC, JNPR, MSFT, NT, VTSS
Top 5 - last week: ATC (14%), Triquint (12%), Herley (6%), Sirenza (5%), Anadigics (5%)
- YTD: Sirenza (165%), Finisar (118%), Broadwing (96%), Amkor (75%), Atheros (69%)
Bottom 5 - last week: Stratex (-31%), Juniper (-11%), RF Microdevices (-10%), Amkor (-9%), Skyworks (-9%)
- YTD: HEI (-41%), Juniper (-32%), Intel (-27%), Bookham (-26%), Nortel (-19%)
by Sectors:
Space & Defense : - 2%, YTD + 12%
Comm. Services : - 2%, YTD + 11%
Network Systems : - 3%, YTD - 2%
RF Semiconductors : - 1%, YTD + 10%
RF Components: - 4%, YTD + 15%
F/O Components: - 4%, YTD + 20%
Miscell. : - 3%, YTD + 7%
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RF to Light 100 : - 3%, YTD + 9%
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