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Sector Watch-Networking (NWX)

by Rick

Technicals
Networking (NWX)
Bullish
Sector trading above its…
20-day Moving Average: YES
50-day Moving Average: YES
100-day Moving Average: YES

Sentiment: As a result of October’s option expiration, the SOIR reading for the Networking sector has dropped significantly to a one-year percentile rank of four percent. Some optimism is also evident in the sector’s low short-interest ratio, which has declined in recent months. However, analyst rankings (at 49 percent “buys”) remain relatively low (given the recent price action), providing added hope for the bulls.

Outlook: The AMEX Networking Index has ridden its 20-day moving average to return more than 20 percent since the beginning of August. Furthermore, NWX remains above most of its daily and weekly moving averages. The sector’s sustained strength amid pessimistic sentiment continues our outlook as short-term bullish.


Posted in General on October 30th, 2006

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