I don’t love this market, even as it breaks into the bears’ dorm and panty raids them routinely.
Today is SEMI’s equipment sector March Book-to-Bill release (probably out after the market closes) and as such I thought I’d take a look at the SOX. Equipment stocks like AMAT, LRCX and MKSI are in the red today and the SOX itself is in a little potential rollover. The big test would be at the green breakout line and the up-turned 50 day averages.
What I find interesting is that SOX has been rolling over vs. NDX, which itself has been non-confirming of the SPX re-bull phase. That’s often the way it goes; SOX leads NDX, which leads SPX. If the Bookings data stinks again the negative trend will intensify. There is a story going around that inflation is all that matters. But but but… the silver-gold ratio is on blow off dynamics, so…
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