DJ; RE:" SOX.X "
...the semis are surprisingly strong in this market selloff. The SOX.X Semiconductor Index is the second strongest index today, after the GAX.X Gaming Index (!)
I remember Tommy-G, we were all crying in our beers during some downdraft, and there was Tommy, grinning from ear to ear, riding some casino stock up! (^_^)
Intel opened at 68 today. if it closes within 1/16 of that, it will make a Doji Candlestick indicating "indecision" - a meeting of opposing forces; where the investor-bullz met the momentum-bearz head-on. The trend is more likely to change here than not (which could mean - go sideways, folks) especially if there is climactic volume, which, unfortunately there is not.
If Intel closes at its high for the day, it will make a Hammer Candlestick, as in "hammering out a new trend" - and a bounce would be likely. Again, would be more meaningful with climactic volume.
On the Weekly Chart, Intel opened the week around ~70. If we were to close Friday at 70 +/- 1/8, it would again be a Doji on that chart, with similar implications. The high for the week is >73, and a close there (to make a Hammer on the weekly chart), is unlikely.
The most bullish sign would be block-trades coming in, indicating quality kapital (ie., MM's and serious investors) taking positions at this level. All in all, if one had to endure a -200 point drop in the DOW, I'd rather have my dinero in Intel today (^_^)
-Steve |
