Techs To Cisco:
Just what the
market needed to keep the
bears honest.
A raft of good.
Good move. Good volume. Good finish.
More constructive action in the semis.
Buying in the glamours.
Buying in the bells, ex-Cisco
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(which went out well off its lows on cleanout-type turnover, its heaviest ever)
and Sun
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Over its past seven outings, the Comp
has shown the exact price/volume characteristics that one wants to see.
Granted, the market is just five days
off a low…but, at minimum, it is a start.
As previously mentioned, the semis hit
low six weeks ago.
Some are lounging around their lows,
while others, though still early from a position trader’s standpoint, are
beginning to build the right side of their cups.
For example, in the semi equipment
segment, Cabot Micro
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pierced new high ground Wednesday.
Phototronics
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PLAB |
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that’s showing early signs of accumulation.
Microsemi
(
MSCC |
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formation of the right side of its cup.
These are some of the early leaders in
the semi space.
They certainly don’t represent the
“average” chip stock.
But even the worst performers in the
group aren’t going down anymore.
That the group did rise in the face of
some negative analyst comments Wednesday is a plus.
Feature of the day from a sentiment
standpoint: that the entire technology sector shrugged its shoulders and drove
ahead in the wake of cautionary guidance from the CEO of the Nasdaq’s biggest
weight, Cisco.