SOX Approaching Technical Resistance levels

Originally published in Charting the Market 7/20/07

Nothing stirs the emotions of money managers like signs of life in semiconductor capital equpment shares. The Philly Semiconductor Index is the ultimate beta trade, and when these stocks lift, chances are a good bonus will follow. Twelve months ago nobody wanted to own them, but now they are back in Wall Street’s wheelhouse. We are approaching key technical levels in the SOX. Flipping around KLIC and KLAC is never boring, but the big money needs the liquidity provided by AMAT.  Don’t just sit there with the bat on your shoulder, and take a peek. No position

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