Broadcom Catches a Bid

Originally Published in Charting the Markets October 15, 2007 5:57 PM

Technical analyst Louise Yamada highlighted the recent price action of Broadcom Corp. (BRCM-NASDAQ) on Fast Money tonite, suggesting that the rotation out of financials and consumer discretionary stocks continues to benefit technology shares. Broadcom is indeed ripping, and might attempt to challenge the highs of early 2006 soon. Breaking through the high $40’s could prove problematic if the SOX can’t get it in gear. The beta trade has certainly benefited internet stocks, but uninspiring volume and narrowing leadership might eventually catch up with the bulls.

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