Early bearish semi-conductor news and tape evaporated at the close when funds steped in to put sidelined cash to work. It's hard to tell how long this could last, but look no further once again than to the semis for any clues. Throwing all their money at big caps is fine and dandy, but it shows an underlying nervousness as smaller cap stocks are being snubbed, including many semi names that ran up. How many funds can pile on to INTC and TXN. ES has resistance at 1348/1350 and NQ at 1680. Call resistance for QQQQ starts at 41 and there is some fib projections pointing to an possible upside move to 41.50. Trade with care and don't get married.
This entry was posted
on Tuesday, September 26, 2006 at 4:03 PM.
