Semis continue to move

Posted by downtowntrader | 4/24/2007 10:28:00 PM | 0 comments »

The semiconductor's had a strong move higher today clearing some chart resistance. There will be new highs soon if the semiconductors can follow through and hold this breakout.

Here is a chart of the $sox showing the break above resistance. When institutions are willing to buy semiconductors, tech, and smallcaps, it shows their confidence in the stock markets and economy. This is why they are leading indicators in a way. They will show the way up and down.

Keep an eye on the $sox. If the breakout holds, then good things are in store. If it fails, it could derail the entire rally.

Good Luck,