Software Supple:
Software has been the beacon of light within the best performing technology space. Semiconductors are trying to say something about that, but getting back to software the IGV is off almost 5% this week so far, which would easily be its worst WEEKLY loss in 3 1/2 months. The fund could use some cooling off as it has advanced 12 of the last 16 weeks, jumping 125 handles in the process. Top component ADBE is down 4 sessions in a row, its first since February, and today CLOSED below its rising 21 day EMA for the first time. Other well known names in the arena include INTU, which looks likely to record a bearish evening star pattern tomorrow, after the prior week registered a doji candle at all time highs. VRSN is now 10% off most recent 52 week highs, and lower 4 of the last 6 weeks, and another 5.5% this week. It may be giving up support it has enjoyed at the round 200 number which doubles as 200 day SMA support as well. This groups behavior is certainly something that should be on everyones radar.