The Philly Semiconductor Index (SOX) is still above its up trend line (in red) from the lows, but remains one of the weaker areas of tech. Money flow score (green line, bottom) continues dropping as the Index retraces back towards trend. The RTR sector technical algorithm score (burgundy line, middle) is also near the neutral 0 level. Resistance is near the 560 level.

Source: Technimentals

The 492 level on the SOX has been tested and held intra day twice in February. A break below that could cause further deterioration and although the market rallied off its lows yesterday the SOX did not bounce much from its lows.

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Quote of the Day
“Whom the Gods would destroy, they first put on the cover of Business Week”
- Paul Krugman
(Note: This NYT Op/Ed appeared in 8/17/01, and referred to CEO of Enron, who was on the cover of BW on February 12, gets pie on the face June 23, and quits August 16 . . . via Stock Traders Almanac)

Category: Finance

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