If We See A Move Off The Bottom, You Might Like These
Micron’s
(
MU |
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PowerRating) disappointing first
quarter set the tone for the day; not even Bear Stearns
(
BSC |
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General
Mills
(
GIS |
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Semiconductor Index
(
$SOX.X |
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near their intraday lows. The TRIN has spent much of the day over 1.60.
Having said that, what do you do with the rest of the day?
The Semiconductor HOLDRs
(
SMH |
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have a reaction rally, but keep in mind Fibonacci zones at 23.77 and 23.89.
KLA-Tencor
(
KLAC |
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choice in the group. A popular semi to trade, KLAC can make some good moves when
the time is right. KLAC is trading near its 50-day moving average, which may
provide some support.
Micron, the stock that set up today, is trading in a
Slim Jim near its lows, at 10.62.
They may come back after Biomet
(
BMET |
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PowerRating),
which had good earnings and reaffirmed guidance. The stock gapped up but has
traded sideways for a couple of hours.
Good trading this afternoon,