Thursday, April 23, 2009

04.23.09 - Semi's Like an Anchor

Semiconductors (SMH) are down over 3%, weighing heavily on the broader indices. Financials (XLF), Energy (XLE) and Transports (IYT) are actually higher on the day. Tick attempted to up-shift a short while ago on an apparent buy program when support was found along the bottom of the hourly trend channel in spite of negative internals. That trade brought us back up to the VWAP, which naturally posed resistance on the first attempt to break out above it.

VIX is now going sideways, perhaps we'll see more positive mid-day action ahead if we can put a higher low in right here. The "stress test" methodology will be released tomorrow. One less uncertainty for the market to concern itself with? MSFT and AMZN report after the bell. Here is the whole list.

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