For the entire month of March and into early April it looked like semiconductors were trying to tell us something about their usually leading indicator ability, at least as it relates to ends of cyclical bull markets. All of that changed however, and not when Texas Instruments (TXN) announced the acquisition of National Semiconductor […]
After yesterday's large rally in INTC, the semiconductor complex almost completely destroyed a very bearish chart pattern in many semiconductor stocks, as well as in the SMH ETF. The point here is not so much to look into the details of the daily chart but noticing how hard INTC bounced off the $19 area, […]
After announcing earnings last night, Intel is up almost 7% as of this writing today. As such it has sparked a rally in the semiconductors that led the SMH ETF to break above its 50 day movnia average and above the key 61.8% Fibonacci retracement level. Individual names like CY and AMAT still have their […]
The S&P 500 is currently battling it out with the most immediate support ($1275 – 1300) and resistance ($1345) levels on the daily charts. While investor sentiment is skewed to the bull-side, among the more active types (hedgies and such) the view seems to be more two-sided. As such I thought it would […]
After trading up in a nice and night upward channel from September 2010 until early March of this year, the semiconductors swiftly sold off by the tune of almost 10% in just eight trading sessions. From quick move down, the SMH has now retraced (moved up) a little over 50%, which also coincides with the […]
I talked about it much lately and it's a big topic in the steadytrader.com chat-room and newsletters. Today AMAT and CY are slipping yet INTC is holding up well. Be that as it may, the SMH is down 0.90%, which isn't much, but so far the 61.8% retracement levbel near $35.10 has held as resistance. […]
Check out the 61.8% Fibonacci retracement level that held earlier this week on the SOX. Just something to keep an eye on.
Semiconductors as a group remain looking weak as displayed by the SOX index below and should slide lower. Two things however; 1) the SOX index is no longer as representative of the semiconductor industry as it used to be due to foreign listed competitors adn 2) Intel is back below the $22 level and as […]