Looks like the SMH is trying to double bottom here intra-day after selling off 50% of the rally that started back in early December. Good support from 41.60 - 41.30 This group lead the market up. It also peaked before the S&P did. Look for it to bottom first, as well.
good support at 41.50 market lost steam to the downside. stops at 41.40 . good intradday trade. Best Regards, Dave Scott
Looks like the SMH had to shake the tree a little more than I first thought . . . INTC appears to be a huge technical drag on this index. Not a bad intra-day run though!
Semiconductor sales for 2004 are expected to be 19.5% Southeast Asia is the biggest consumer of chips, with the area buying 40% of the product. Seasonal slow period is this current quarter, hence today's downgrade on INTC ( due to weak laptop sales ) and AMD ( due to pressure on flash-memory sales whidch make up 50% of AMD's revenues ) by chipsector analyst Christopher Danely of JP Morgan. Nonetheless, INTC closed +.26 cents on the session. SMH: +1.09 closing at 41.85 ( 50 Day at 42.38 ).