“Old Tech” Green Shoot:
It has been hard to find many positives recently, but if one looks they shall find. I still think shorter term there is a need to be cautious, but longer term I think one can be building positions, it just depends on your time frame. Aspects I continue to like include the intraday ranges compressing. Additionally I can not tell you how many people I have spoken with this week that tell me they have an abundance of cash on the sideline waiting for “better opportunities”. Once this money is deployed, it can possibly lead to a swift move higher in equity prices. A good way to find where to put the capital are in stocks that are shrugging off the weakness as of late. A good example may be INTC. This name does not garner the clout it once did in the past regarding the semiconductors, or the overall market for that matter, but it is quietly looking better. Intel ROSE this week to the tune of 3.4%, while the SMH fell by 2.6%. More aggressive buyers could enter here with a tight stop, but conservative investors should probably wait for a move above 56, as the potential of the right side of a cup base develops.