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Technology Stocks : Varian Semiconductor Equipment Associates -- VSEA
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To: etchmeister who wrote (1741)1/18/2006 1:51:32 PM
From: Proud_Infidel   of 1929
 
FWIW:

Some interesting things happened with Semiconductors last week. I have been watching the sector slowly improve for about three months. Finally, and for the first time since May of 2003, the Bullish Percent chart for Semiconductors has gone above the 50% level. This is quite significant as, if you follow this sector at all; you know that there have been many false starts. A push above the 50% level on its' Bullish Percent chart is a definite step in the right direction.

A bullish percent chart measures the percent of stocks within the sector/market that are giving new point and figure buy signals (a column of Xs rises above a previous column of Xs). When 6% of the stocks move from being on sell signals to being on buy signals, then the bullish percent chart will reverse from going down (Os) to going up (Xs). The Bullish Percent chart for Semis reversed to Xs back in October.

However, the chart has been able to reverse back to Xs in the recent past without showing much momentum to the upside. The push through 50% is significant as that is often a level that technicians watch for a sign that things have improved enough for new purchases. In addition, the (AMEX:SOX - News) (Philadelphia Exchange Semiconductor Index) is outperforming all of the sectors indexes that I follow except for the CBOE Gold Index (CBOE:GOX - News). A stock that looks good in the sector is Varian Semiconductor Equipment Associates (NasdaqNM:VSEA - News).

biz.yahoo.com
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