Buzz & Banter
Just wanted to pop in with a chart of interest. Through yesterday's close the Philadelphia Semiconductor Index (SOX) is up over 6% since August 8. Below is the five-point chart.
A move to 400 confirms a triple top breakout, bullish short-term, but the SOX would still be trading below the June highs. More important, in my opinion, is the fact the SOX has already broken the trend line that can be drawn from the lows this past Spring. As well, the Bullish Percent indicator for the Semiconductor sector is in a column of O's on defense; this is not a strict timing indicator mind you, simply a measure of risk in the sector suggesting risk is currently very high in this group.
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