Stocks quoted in this article:
On Wednesday, the AMEX North American Telecom Index (XTC – 1364.96) slipped down to its worst intraday mark since late October. Yesterday, the index finished in negative territory for the fifth consecutive session. In mid-afternoon trading, though, the XTC is in the black by more than 13 points, or almost one percent. The index is apparently finding some support close to its 20-month moving average, as it shoots up toward its overhead 10-day trendline. Despite today's advance, the XTC is still beneath that technically significant 1400 level discussed earlier this week in a Market Observation
by Bernie Schaeffer.
Top index performers today include Sprint FON Group (FON – 32-9/16), up 5.6 percent; Qwest Communications (Q – 49-13/16), up 4.5 percent; Verizon Communications (VZ – 43-1/8), up 3.4 percent; Sprint PCS Group (PCS – 49-7/16), up 2.9 percent; and WorldCom (WCOM – 35-15/16), up 2.8 percent.