*Extra* Hun-Dread: Par Eludes Microsoft

The software giant continues to find 100 a point of resistance.
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Given the

Chariots of Fire

-esque run the

Nasdaq Composite

has enjoyed lately, rising 34% from its mid-October lows, I'm not sure it makes sense to try to pin

yesterday's setback on anything in particular, much less anything fundamental.

Microsoft: Join the discussion

TSC

Message Boards. But I am (pretty) sure about one thing:

Microsoft

(MSFT) - Get Report

continues to find 100 a point of resistance, as I reported back on

Nov. 2.

Tuesday, 'Soft closed up 2.2% at 98 11/16 after trading as high as 101 1/8 amid (probably specious) rumors about it reaching a settlement in its antitrust trial. There was also wild action in options trading, as

reported Tuesday evening.

Microsoft's recent performance has diverged from the majority of tech stocks, as was the case Tuesday. But past failures by the Redmond masher to sustain triple digits have coincided with intermediate-term market tops.

Peter Green, director of technical research at

Gruntal

, sees 102 as a more important resistance point for Microsoft but noted its breakout to Tuesday's high wasn't confirmed by "momentum studies."

Such "negative divergences" are occurring all over the

Nasdaq 100

, the technician said, suggesting "traders are setting up for more weakness in this area."

The recent volatility in the Nasdaq "suggests things are starting to get out of control," he said. The

Nasdaq 100 Trust

(QQQ) - Get Report

closed right at technical levels signaling a "buying climax" has occurred, thus auguring a "big distribution," Green observed.

Speaking of the QQQs,

Monday night's piece about revisions to the Nasdaq 100 omitted the fact the changes don't take effect until Dec. 20. Thus, any investment vehicle seeking to mimic the performance of the NDX won't have to make the changes until after Friday's triple-witching session.

And speaking of such investment vehicles, phone calls to representatives at both

Morningstar

and

Lipper

yesterday turned up

bubkas

in terms of funds which track the NDX.

But a sharp-eyed reader pointed out that both

Ranson & Associates

and

American Express Financial Advisors

have recently launched funds designed to do just that. A quick search of Morningstar's site confirmed the same, providing further evidence of why the Internet can put real people to shame (if not out of work).

A spokesman at Witchita, Kan.-based Ranson & Associates said its

Nasdaq-100 Index

fund was launched on Dec. 7 and has assets of less than $25 million. The open-end mutual fund charges an annual fee of 0.5%.

Meanwhile, since 1996, Ranson & Associates has offered a unit investment trust that mimics the NDX, the spokesman said.

"Aside from the QQQs, there have not been a lot of options available for people who'd like to participate" in the growth of the Nasdaq 100, he said. "There probably will be more coming up."

Indeed, on Nov. 11, American Express announced it was launching five no-load index funds, including the

AXP Nasdaq 100 Index

fund. I was unable to reach anyone at the company, but it appears this fund is still in registration.

Finally, some more legsearch (vs. legwork) online turned up this recent

story by

Dagen McDowell

about some existing Nasdaq 100 funds.

Yeah, yeah, yeah. I know, I know -- I shoulda searched our site initially. Chalk me up as another victim of information overload.

Aaron L. Task writes daily for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He welcomes your feedback at

taskmaster@thestreet.com.