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How Much Juice Is Left In The Semiconductors?



October 14, 2011 – Comments (0) | RELATED TICKERS: SMH , BRCM.DL , QCOM

The semiconductor sector has been very strong along with the major stock indexes since October 4, 2011. At that time, the major stock indexes staged a massive reversal day into the closing bell, kicking off this massive nine day rally. The Semiconductor Holders Trust (NYSE:SMH) has surged higher by more than $4.50 from its October low pivot of $25.92 a share. This morning, the SMH is trading higher by 0.22 cents to $30.54 a share. Traders should watch for intra-day resistance around the $30.80 area. The daily chart resistance will be around the $31.00 level.

Some leading semiconductor stocks that are trading higher this morning include Sandisk Corp (NASDAQ:SNDK), Broadcom Corp (NASDAQ:BRCM), Skyworks Solutions Inc (NASDAQ:SWKS), and Qualcomm Inc (NASDAQ:QCOM). All of these leading stocks are now getting very extended on the daily charts. These stocks are likely to see pullbacks soon.

Nicholas Santiago

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