Market Overview

Semi's Bouncing, However, They Are Signaling Further Declines


This afternoon, many of the semiconductor stocks are trading in positive territory. This is usually considered a positive for the NASDAQ Composite and the major stock indexes. Today, the Semiconductor Holders Trust (NYSE: SMH) is trading higher by 0.07 cents to $26.25 a share. The bounce in the SMH is somewhat feeble when you think about it. There looks to be a much better support level around the $25.00 for the SMH.

Some leading semiconductor stocks that are trading higher today include Lam Research Corp (NASDAQ: LRCX), Skyworks Solutions Inc (NASDAQ: SWKS), and Texas Instruments Inc (NYSE: TXN). All of these leading stocks are showing some strength, however, it really looks to be just a technical bounce from an oversold condition. In other words, the small bounce today does not seem to have much institutional sponsorship behind it.

Nicholas Santiago

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: semiconductor stocksGlobal Trading Ideas


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