The Dow has finally succeeded in dragging the Nasdaq into negative territory. The S&P 500 has dipped below the April 4th low of 1090, and is now closing in on the March 22nd low of 1,081.
Some positive earnings guidance from TriQuint Semiconductor (TQNT) is helping to keep the SOX in positive territory, but the sector has given up most of today's gains.
Biotechnology, Internet, and retail stocks continue to be weak, and only oil, gold, and utilities join the SOX in positive territory.
Let it Snow
The first snow of the season has been reported in the Colorado High Country, so ski season can't be far off.
Vail Resorts Daily Chart
From the looks of Vail's (MTN) stock performance, they need an early ski season. The stock peaked in December of 2000, and then proceeded to give up 61.8% of the gains posted in 2000. Vail made two attempts at climbing back above the 200-day moving average, but failed both times. Now the stock is once again heading for support at $18.40.
K2 Daily Chart
K2 (KTO) was up 50% for the year in July, but has fallen faster than Hermann Maier can ski. Now below where it started the year, KTO will try to hold at the 12/5/01 low. The good news is that there is support, the bad news is that K2 is entering its toughest two month stretch. Over the past nine years, K2 has finished the September/October period lower 6 times, for an average loss of 10%. Closing below $6.18 would set an all-time low for the stock.