I have NVLS, KLAC, KLIC, AMAT, LRCX, FSII, SFAM, TWAV, ASML and UTEK on my QuoteTracker screen. I also follow about 50 others semiconductor stocks on a daily basis and almost all of them weekly. At the present time I believe the group is overbought. Could it rise more? Yes based on an impending recovery in the industry. However none of the companies that have yet gave any clues about the status of the semiconductor equipment group have indicated a resumption of rapid growth (more like the reverse). I think we will see a bit of profit taking. Perhaps not but if we do get some selling I will be going long on a number of positions that I have not yet determined. BTUI has the highest RSI the stock has seen in six months. That could mean a breakout move but it could also indicate the stock will have trouble moving higher. Take a look at the chart what was formerly support could soon become difficult resistance:
stockcharts.com[h,a]daclyyay[pb50!b200!d20,2][vc60][iUb14!La12,26,9!Lk14]
I look for oversold stocks to go long on and wait for others to buy later. Right now there just aren't many oversold semiconductor stocks.
Let me know when you do go long on something. Presently I am holding ESST and TQNT long. ESST is a breakout based on rapidly growing earnings. I'm expected 27 cents a share this quarter. TQNT is an oversold play. I am also in a short term (short position) of AMAT based on weakness I believe will beset the SOX over the next week.
RtS |
