Semis Give Bulls A Helping Hand
The
Semiconductor Industry Association gave the bulls a helping hand
when they reported that they expect global chip sales to rise 6% in 2002 to $150
billion. If that wasn’t enough, they went on to say that they expect a 21%
rise each of the following two years. Is it any wonder that the
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(Semiconductor index) is up over 3.5%?
Advanced
Micro Devices
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Semiconductor
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Instruments
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from call buyers in each of the above-mentioned names.
Another
area of interest this morning has been data storage giant EMC
Corp.
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PowerRating), which has been
extremely busy on the call side of the market. Someone pretty big rolled out of
short November 10 calls to December 12 ½ calls. According to BeyondtheBull.com
sources, the roll was done for $2 ($5.90 vs. $3.90).
The
S&Ps blasted through upside resistance number of 1127, but
hit and bounced hard at the second upside resistance number 1136. As we appear
to be in what traders refer to as the “noon swoon,” we’ll be watching
to see if the futures continue to bounce off that 1127, and if that holds, we’ll
be looking for another test of 1136.
Be
sure to tune in to “Doctor J & the
Traders” tonight at 4:00 p.m. (CT) on www.webfn.com.
Our topics for tonight’s one-hour show include the Fed Stimulus package,
Hewlett Packard in-fighting, the Microsoft settlement offer and a host of other
financial matters. My guests tonight include: Tom
Haugh, Chief Investment Officer of www.ptisecurities.com, Greg Temel, Chairman of
BeyondtheBull.com
, Larry Parkhill and Goran
Yordanoff. Whether you love us or hate us, be sure to
drop me a line.