MPTrader - Semiconductor Stocks Heading Higher
Stock-Markets / Tech Stocks Aug 08, 2007 - 01:29 PM GMT
The Semiconductor HLDRs (AMEX: SMH) briefly popped above key near-term resistance at 38.00/05, but did not sustain that level -- at least not yet. However, my near-term pattern and momentum work argue strongly that higher price will emerge in the upcoming hours that will propel the SMH towards 39.00/25. Intel (Nasdaq: INTC), Applied Materials (Nasdaq: AMAT), and Analog Devices (NYSE: ADI) will be the big drivers of the next upleg in the semiconductors.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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