Yesterday afternoon, the leading semiconductor stocks were holding up very well despite the sell-off in the cloud computing stocks. The important and highly followed Market Vectors Semiconductor ETF (SMH) traded higher by 0.03 cents to $34.36 a share. So basically, the majority of the semiconductor stocks were flat. Short term traders should watch for intra-day resistance around the $34.40 a share. The daily chart for the SMH will have important resistance around the $35.50 level.
Most experienced traders and investors will follow the semiconductor sector for several reasons. In the past twenty years, when the semiconductor stocks lead the tech heavy NASDAQ Composite it is a sign of further upside for the tech stocks. The opposite is true when the semiconductor stocks begin to lag the NASDAQ Composite it is often a sign that the tech sector is about to roll over or stage a severe correction.
Some leading semiconductor stocks that traders should follow closely on a daily basis include Broadcom Corp (BRCM), SanDisk Corp (SNDK), Intel Corp (INTC), and Texas Instruments Inc (TXN).
Most experienced traders and investors will follow the semiconductor sector for several reasons. In the past twenty years, when the semiconductor stocks lead the tech heavy NASDAQ Composite it is a sign of further upside for the tech stocks. The opposite is true when the semiconductor stocks begin to lag the NASDAQ Composite it is often a sign that the tech sector is about to roll over or stage a severe correction.
Some leading semiconductor stocks that traders should follow closely on a daily basis include Broadcom Corp (BRCM), SanDisk Corp (SNDK), Intel Corp (INTC), and Texas Instruments Inc (TXN).
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