The semis filled that gap down from a few weeks ago and have been outperforming the past week.
It sort of looks like a classic bottom, with exaggerated candle to the downside and quick bounce. But the overall market today is weak, save the larger capped names. We have big divergence between the $IWM and the $QQQ; but breadth is weak in both with just 34% of small caps higher and 55% for the bigger capped.
Even still, I like the action in oil and the semis enough to keep me honest and bullish, for the time being.There is also a nascent move in the BIG DATA space, which I’ll touch on later on today.
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