It looks like SMH is breaking out of a 9 month trading range. If it closes here, it will look like a break out. Now the question is: How can NASDAQ go down much while semis are trending up? SMH will probably pull back and so will NASDAQ, but overall this is a clear bullish sign for QQQQ.
Denleo
NASDAQ
Started by
denleo
, Apr 19 2007 12:22 PM
6 replies to this topic
#2
A-ha
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Posted 19 April 2007 - 12:40 PM
If that is the case then I must ask how Nasdaq rallied 500 points from 2000 to 2500 in 6 months while SOX stayed range bound?
I actually tend to agree with you that SOX leads NDX because it is the heaviest component of the index but I remember how many times in the last 8 months people called for a breakout to get buried the next day.
Could it be different this time, I seriously doubt it.
There are still serious problems with Semis.
#3
Darris
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Posted 19 April 2007 - 12:40 PM
The NDX did not quite fill the gap up from Monday either, and now today's daily bar is giving a bullish engulfing look to it. As the cheif would say, after a post expiration adjustment on Monday next week, look towards the sky. 
#4
fib_1618
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Posted 19 April 2007 - 12:44 PM
Maybe the way the NASDAQ has been able to rally while the SOX has been trending sideways?How can NASDAQ go down much while semis are trending up?
(shrug)
In any event, the NDX internals have been very strong over the last two weeks and broke above resistance yesterday.
The latest 168 Semiconductor BPI chart from last weekend is shown below.
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#5
bullishnot
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Posted 19 April 2007 - 12:58 PM
If that is the case then I must ask how Nasdaq rallied 500 points from 2000 to 2500 in 6 months while SOX stayed range bound?
I actually tend to agree with you that SOX leads NDX because it is the heaviest component of the index but I remember how many times in the last 8 months people called for a breakout to get buried the next day.
Could it be different this time, I seriously doubt it.
There are still serious problems with Semis.
Agree, and thanks for posting, your posts are very informative and helpful.
#6
vitaminm
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#7
wyocowboy
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Posted 20 April 2007 - 04:17 AM
Looks like there are enough doubters that going long is a sure thing.......
Good luck is with the man who doesn't include it in his plan.
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