Nevin, when I wrote that the SOX was down only some 2 point if finished down 8.44. My reasoning is based on the weakness of the leaders INTC, TXN, AMAT as well as MU, and the "need" to get into a very strong "oversold" in the segment in preparation for a good summer rally (VBG). I also was not seeing the tick getting very negative in face of weak prices, which to me meant that participants are not that bearish and a contrary opinion would be to be bearish.
Add to that the failure of major supports in AMAT, INTC and other leaders and you get a market which seems to be quite weak.
CYMI is shining in comparison, but I am afraid this will be only short term and it may drop with the rest of the group next week, thus my bail out this afternoon. I also bailed out of VECO, but did not get as good a price as I "think" (next week, I'll probably be sorry) I got on CYMI.
I am just stepping aside and going to see how far down this falling knife will go. There is a good probability we will go straight to test the low 240' (SOX) low of the year.
Zeev |
