Old, Restless “Law Firm”:
Not all semis are created equal. For every AMD AMBA (AMBA is likely to achieve a 9th WEEKLY gain in the last 10 and wants the very round 200 number in the near term) NVDA or MRVL that are acting well, there are names like NXPI MU QRVO LRCX or SWKS that are not. Some will mean revert and I have always believed that names act firm for a reason and vica versa. MU is the worst of the bad lot mentioned above, off 28% from most recent 52 week highs and is on a 5 week losing streak and lower 7 of the last 8 after CLOSING very taut the 5 weeks ending between 8/27-9/24, all within just .80 of each other. Below is the chart of QCOM which still remains in the penalty box but is doing everything it needs to for a possible bullish reversal. It REPORTS next Wednesday after the close and looks like it wants to join the semi parade higher. The saying used to go that it employed more lawyers than actual technology workers. This name needs to get moving sooner rather than later.