18Aug3:13 pmEST
Tough to Cook Up Much with These Bittersweet Chips
Another part of the market bulls likely need to conquer in order to see another run towards fresh highs, in addition to the small caps in the Russell 2000 lagging again, would be the semiconductors.
For a while now, the semis have been unraveling after leading for quarter on end. Their recent weakness has largely been ignored by the tape, as leaders have held up rather well (AMZN FB GOOGL NFLX UA, etc).
Still, large caps semis like INTC TSM TXN remain weak, without much in the way of strong hands coming in to support them with vigor.
Furthermore, previous momentum darlings like SWKS are pushing lower yet (below, on daily chart), braking down from a bear flag we looked over the weekend for Members.
At the moment, I have my eye on a few bearish bets for the sector and individual names if the weakness persists.
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