SOX Looking Suspect

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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