We’ll Take It
Not perfect, as the
disappointing close indicated, but
the semis more than made up for any lackluster finish.
The fact that the semis burned higher
in spite of titan Intel’s
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Message of the day: The semis are
clearly looking across the valley (read: slowdown/recession) at the mountain on
the other side.
Historically, tech has either gone
down or sideways when the semis decline.
In the rare instance in which tech
rose amid semi weakness, that rise was muted.
This explains my more-than-passing
interest in the action of this group.
Even so, it is to be remembered that
nothing is forever in the market.
Put another way, trends are made to be
broken.
In this case, that means that just
because the semis may be in the early stages of discounting the mountain on the
other side of the valley, doesn’t mean that the discounting process can’t end
tomorrow.
Speaking of the semis, AXT
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kissed the top of its seven-month base before being sold, tailing off by the
close.
Some names remain leaders from one
cycle to the next.
Along these lines, Brocade
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though sloppy in terms of form, has shown better bounceback ability than most
other liquid glamours.
Semi equipment maker Ultratech Stepper
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triangle that looks mature, broke out of that triangle Wednesday on volume over
500% greater than normal.
At
the moment, DPMI is the class of the semi equips…note its RS line, which days
ago hit new high ground ahead of price.
If
more bona fide growth issues looked like Dupont Photomasks
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world of the medium-term operator would be a different place.
Patience
pays.