Stocks quoted in this article:
What a difference a week makes. Recent activity is like old times when technology stocks were the undisputed champions. However, many of these former high-fliers are still off 60 percent or more from their highs. Nevertheless, the last week has seen some of the former leaders step up to the plate again. It remains to be seen if the technology stocks will continue their winning ways, but it is encouraging that the media has changed their focus from the rosy long-term upside to the downside risk from the rally. One article in a major daily financial newspaper on Monday was based on the fear that the recent rally was an aberration in the downtrend. With the Nasdaq Composite (COMP - 3868.6) up over 19 percent and the S&P 500 Index (SPX - 1467.63) up 6.5 percent in the past week, the following are the top four performing indices in the last five days: the PHLX Semiconductor Index (SOX - 1173.2), up 26.7 percent; the CBOE Internet Index (INX - 626), up 22.2 percent; the CBOE Computer Software Index (CWX - 1328.3), up 20.4 percent; and the AMEX Biotechnology Index (BTK - 604), up 19.3 percent. The four indices showing the most weakness are: the Morgan Stanley Healthcare Providers Index (RXH - 182.42), down 1.9 percent; the AMEX Tobacco Index (TOB - 194.33), down 3.6 percent; the AMEX Pharmaceutical Index (DRG - 374.7), down 4.6 percent; and the PHLX Oil Service Sector Index (OSX - 116.07), down 6.4 percent.