Semiconductor Stocks Continue to Plummet
Stock-Markets / Tech Stocks Oct 24, 2007 - 08:22 PM GMTBy: Mike_Paulenoff
The Semiconductor HLDRs ETF (AMEX: SMH) continues to get clobbered. Yesterday Texas Instruments (NYSE: TXN) was the culprit. Today, components Intel (NASDAQ: INTC), Applied Materials (NASDAQ: AMAT), and Analog Devices (NYSE: ADI) all are under pressure...
As I noted to subscribers yesterday, the daily chart structure has a look of a very ominous, multi-month top formation that now is in the breakdown phase. The SMH projects optimally to the 33.40/00 target zone in the upcoming days/weeks, and possibly into the 31.00 area thereafter to fulfill its downside projections.
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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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