While Blue-Chip Techs Are Weaker, Most B2B Stocks Catch Fire

You couldn't expect the market to keep up the torrid pace it set at the end of last week. And a slow news day was keeping the market under wraps midday.

The Nasdaq was down 15.74, or 0.4%, at 3797.64 in recent trading, moving in a range between 3765.60 and 3875.66. TheStreet.com Internet Sector index, or the DOT, was down 22.90, or 2.4%, at 922.52. However, there is significant upward movement of most B2B stocks.

Net/Tech Indices INDEX CHANGE % VALUE TSC Internet 22.90 -2.4% 922.52 TSC E-Commerce 0.83 +1.5% 56.54 TSC E-Finance 2 13/32 +4.7% 53 11/32 Nasdaq 15.74 -0.4% 3797.64

Barry Hyman, senior market analyst with Ehrenkrantz King Nussbaum, summed up the performance of the market quite simply. He said that the soft economic data last week merely took away the bearish case, but he would still need to see more evidence that the economy is slowing in order to get him to think the Nasdaq will bust through the upper end of its range, which he places anywhere from 4000 to 4150. As a result, Hyman said he would not chase the market, particularly those stocks that went up 30% to 50% last week. Rather, he would be buying tech on any pullbacks. ...