Top Holding Lurking:
We have spoke about the software carrying the baton in our 7/8 Technology Note as the semiconductors took a breather. Could they be ready for another leg higher? It has held up better as of late off just 4% from its most recent 52 week highs, while the SMH still lingers 9% from it own annual peak. A big part of that was last weeks action with the SMH slumping almost 10%, as the IGV lost less than 3%. This week so far heading into Tuesday the semis are snapping back adding 4% Monday as the IGV gained 1%. Below is the daily chart of ADBE and it shows this could be ready for the spotlight once again. One could interpret the pattern as a cup with handle but that comes in more clearly on the WEEKLY chart, as one can see here it fell more than 200 handles during a 10 of 17 week losing streak the weeks ending between 2/9-5/31. The add on after the entry through the daily bull flag would be a buy stop above the WEEKLY cup with handle trigger 580.65. Notice the volume during the 5 week win streak that added a combined 33%, and how it has tailed off the last 2 weeks as the handle took shape, just what you want to see if you are a bull. And it is doing so just above the 50 WEEK SMA too.