After leading the charge higher last September, we know that the semiconductors have been notable laggards over the past few months. With the market’s incredibly bullish reaction to Intel’s earnings on Wednesday, many semis gapped higher in sympathy. For swing traders, it can be a bit of a dilemma in deciding whether to put on positions for largely damaged charts that see gaps. In all probability, your best bet is to wait for them to firm up a bit after the initial pop, and look for signs that the move higher has staying power before entering.
Indeed, if the rain has already fallen for semis and they have bottomed for the year, then by definition we will have ample time to get in on them. After surveying the technical landscape of many of the semiconductors this evening, I am seeing numerous spikes higher today. However, they are in danger of gapping directly into overhead supply. Hence, I wanted to provide you with a few of the semis that have relatively clean charts out there. Also, note that UTEK reports earnings tomorrow.
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I make it rain on dem hoez
loving that RBCN
Good piece Chess ! I find myself in that same sort of dilemma you speak of with Semi’s here, plus with the long weekend we got coming makes it a bit tougher .
Been eying (AMD) past few days and long term looks like it could be a reverse h/s starting from about the end of 2009 , looking for a break above8.90-9.00 resistance short term since I missed buying it off longer term support. Off this current few day bounce support looks like the 50ma about where we are now, 8.40ish, gap, then long support at 7.90-8.00 where I’m not proud to say missed it previously. Nice little angle going too, may just trade around it till we test support area or clear a resistance.
If it comes in to 8.40-8.50 may start to hit it up with a 7.90 stop or something, or for a quick trade stop a couple pennys below gap , if not I’ll wait for a short term resistance to clear.
Dilemmas lol
daytrade looks good above 50ma
Thanks.