SEMICONDUCTORS AND A FEW BIGS

While the software area has been busted wide open, we must mention the SEMICONDUCTORS remain the rock. They did pull back with the whole but every bounce continues to be led by them. Currently, the group is classically bouncing off the ascending 50 day moving average support after the pullback. Currently, in a sea of yuck this morning, most all turned green early. We are going to be isolating this area big time for two reasons. If it holds, we expect it to keep leading. If it breaks the 50 day and heads lower, we will know the tech arena is in bigger trouble. They are that important. Let’s call it fish or cut bait time for this most important sector. 7452 is the key number. Stay tuned.

Also:

Watching GOOGLE big time. It has by far been the strongest of the megas. This morning, it opened poorly but as we write this, has rebounded a bunch and sticking that 50 day support. The numbers did look pretty darn good.

Watching META. Strong reaction to earnings with a big earnings gap but in the weakness, filled the gap all the way down. This morning, held support to the penny and bouncing nicely.

That’s 2 biggies but let us also not forget APPLE as their numbers accelerated and showing very good relative strength in here.