Technology investors continued to ride the seesaw of today's trading. The
had shown signs of recovering after holding technical support above the April 5 low of 4009.09.
But the inability of the index to trade above yesterday's close of 4188.20 brought in another rash of selling that had left the market weak entering the final hour of trading.
Dick Dickson, technical analyst with
Scott & Stringfellow
, was focusing on volume. Monday's losses in the Nasdaq came on extremely light volume of 1.4 billion shares, suggesting not everyone was jumping on the bandwagon and selling. Dickson said if the volume Tuesday is less than Monday, or around 1.15 billion or 1.2 billion, and the Nasdaq doesn't close near the lows, it's a good sign and things could turn around.
Volume of around 1.5 billion or 1.6 billion and a close below the April 5 low would likely suggest a test of the 3649.11 low. With a little more than an hour to go, volume on the Nasdaq was running around 1.3 billion.
TheStreet.com Internet Sector
index was down 34.97, or 3.6%, at 925.08 in recent trading after hitting a low of 906.27.
TheStreet.com New Tech 30 was down 56.5, or 8.4%, at 619.78.
Among the gainers,
was up 8 5/16, or 5.4%, at 144 3/8 after trading as low as 136 5/8, and
was up 3 15/16, or 2.5%, at 159 5/8.
Among stocks in the news,
was flat at 27 1/2. The company said it would team with
to provide high-speed Internet service through phone lines. Under terms of the agreement, Rhythms will make a $15 million investment in @Home Solutions and will become @Home Solutions' exclusive provider of residential DSL connectivity for Excite@Home in several markets outside of Excite@Home's current cable service areas. Rhythm NetConnections was down 2 1/4, or 6.9%, at 30 1/2.