IMO, the only reason the SOX was up Friday was the announcement from INTC just prior to the market opening. The futures went from slightly negative to a very strong positive position.
This gave a lift to the whole market, NASDAQ, DOW, S&P, you name it. This was nice at the beginning of the session, but as the day wore on, the market retreated to what it wanted to do at the beginning of the day, which was go down. The SOX didn't go down for the day, however, because INTC gave such a "pop" to many of the other individual stocks in the SOX, like AMAT, KLAC, NVLS, etc, that it finished in positive territory even though it was fading during the day like the rest of the market.
IMO, INTC did the best they could, but it was not good enough. It just put off the inevitable for a day.
Don |
