A few noteworthy issues regarding the general market malaise:
1) Volume was on the light side — 1.1B on the Nazz, 1.5 on the NYSE;
2) Up/down volume was less than 2 to 1 negative; Same for the Advance/Decline line (which has been trending down for 4 weeks);
3) The Nasdaq gained 441 points from the August low (1750 – 2191) about 25%; So far, markets have given back about 101 points (on a closing basis — 2171 – 2070). That’s less than 25% retracement (at least so far);
4) On the Dow, we ran from 9,708 to 10,867 — about a 12% gain. So far, the give back (closing basis) is 349 points — about 30%.
The bottom line is that the 2004 rally stole some gains from 2005. We got ahead of ourselves last month, and we are now working off that excess bullishness.
Ben Edelman is a Ph.D. candidate at the Department of Economics at Harvard University and a student at the Harvard Law. He is more than annoyed at spyware.
Ben has been fairly active tracking the activities of spyware companies. While most of us merely whine about the pathetic weasels who put out this technogarbage (along with making an occasional anonymous death threat), he has actually done something productive about it.
"lists major US companies in the spyware business as I define it (tracking and/or collecting sensitive information, either without notice and consent or without meaningful notice and informed consent), along with the investors who have provided these companies with, by my count, at least $139 million of venture funding."
In other words, a list of the VCs who gave money to Malware firms. I wonder how many partners know that they are investors who fund and support Spyware? Let’s hope they apply pressure to their general partners to stop them, and cut the funding off at the source.
I like the idea a lot. Nothing like a little sunshine on bad corporate/VC activity to influence some behavioral modifications.
Investors Supporting Spyware
Category: Venture Capital