Semiconductors Are Down But Not Out

The Semiconductors Holders Trust (NYSE:SMH) is trading lower by 0.25 cents to $29.51 a share. This ETF is viewed by many as a leading indicator for the tech heavy NASDAQ Composite. When the semiconductor sector shows strength most of the leading technology stocks will generally remain strong. The SMH is trading around a short term support level on the daily chart which is around the $29.00 area. The SMH will have short term intra-day chart support around the $29.30 and $29.00 levels.

Some leading semiconductor stocks that are holding up well this morning include Sandisk Corp (NASDAQ:SNDK), Qualcomm Inc (NASDAQ:QCOM), and Nvidia Corp (NASDAQ:NVDA). Should the major stock indexes somehow rally higher today these stocks will usually lead the markets. All of these stocks are showing good intra-day relative strength.

About Nicholas Santiago 575 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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