Semis have been getting short-circuited lately. The $SOX chart looks abysmal. However, the chart of AMD continues to hold up in the face of industry weakness. When a stock refuses to be beaten down with the rest of the group, this is indicative of clear investor interest.
The broad market is overwhelmingly weak, with more and more information coming out about big slowdowns. According to my Twitter feed today, these numbers are not just weak, they're aggressively weak.
If the overall market pulls back, it will be hard for AMD to keep going up, but, if it just holds in the range, it will be a great stock to pick up on a breakout. Put this one on your radar, but I would let it settle before buying it up 10% today.
Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies
Want to stay on top of the market's latest intermarket signals?
– Follow @SchnellInvestor on Twitter
– Connect with Greg on LinkedIn
– Subscribe to The Canadian Technician
