Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Intraday Flash




Given the leading indicator tendencies of the Semiconductor sector (for both the economic cycle as well as investors' willingness to take risk (beat, valuation, etc.), we're updating our technical analysis on the SOX thanks to an important price pattern that has taken shape in the last two sessions. Specifically, prices have now moved impulsively off the 5/28 peak and in so doing have overlapped the 470 level, which has considerably weakened the prospect that a bullish intermediate term trend reversal took place at the 5/3 lows. Given the impulsive decline from the 5/28 highs and the overlap of 470, a more bearish intermediate term interpretation is now the highest probability that calls for a new low beneath the 5/3 low of 433. The next several sessions price action will help confirm or deny this possibility. For the short term however, we can expect the impulse wave down from 5/28 highs to correct upward to Fibonacci resistance in the 474-481 area before another impulse wave down that carries 5% or greater below whatever upper resistance level is achieved in the next session or two. Caution may be warranted from a 3-wave move toward 474-481 for a move to at least 452 if not to a new swing low.

< Previous
  • 1
Next >
No positions in stocks mentioned.

The informatio= n on this website solely reflects the analysis of or opinion about the perf= ormance of securities and financial markets by the writers whose articles a= ppear on the site. The views expressed by the writers are not necessarily t= he views of Minyanville Media, Inc. or members of its management. Nothing c= ontained on the website is intended to constitute a recommendation or advic= e addressed to an individual investor or category of investors to purchase,= sell or hold any security, or to take any action with respect to the prosp= ective movement of the securities markets or to solicit the purchase or sal= e of any security. Any investment decisions must be made by the reader eith= er individually or in consultation with his or her investment professional.= Minyanville writers and staff may trade or hold positions in securities th= at are discussed in articles appearing on the website. Writers of articles = are required to disclose whether they have a position in any stock or fund = discussed in an article, but are not permitted to disclose the size or dire= ction of the position. Nothing on this website is intended to solicit busin= ess of any kind for a writer's business or fund. Minyanville management= and staff as well as contributing writers will not respond to emails or ot= her communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.<= /p>

Featured Videos