Semis Need Participation:
The very important semiconductor group within technology may be on its way out of hibernation. Laying in the shadows of software the space could be on the verge of a strong move into year-end. Perhaps it was the incessant chatter of chip shortages this year, but we just opine on PRICE action. The behemoth in the group NVDA has recorded a powerful move in the last 3 sessions about a month after a 4:1 split. AMD has been digesting its huge ramp up from the week ending 7/30 that rose more than 15% in double average WEEKLY volume. KLIC is asserting itself as a leader, and MRVL will be interesting to watch after Thursday’s earnings release after the CLOSE (the last 4 weeks have CLOSED very tautly all with just .69 of each other). Then there are names like INTC, the punching bag in the space. MU is intriguing as it does not want to fall beneath a bear flag pivot that aligns with the round 70 number. SWKS is still in correction mode after a stern rejection at the very round 200 number in late April, a figure NXPI has been able to bounce from on 8/19. If this group can get going it would give a big punch to technology heading into year-end. Asking NVDA and AMD to do all the heavy lifting would be unfair. Will the other semi leaders please stand up?