SOXL Back to 40 - HODL for Computex
This week semiconductors have been outperforming and I believe they will continue to outperform into computex, then the news will either be dumped, or we will continue to analyst consensus, then get dumped.
Positives:
Computex is on May 31st, new products from most chip companies incoming.
Today Bank Of America and various other banks, maintained overweight and buys on Micron, Intel and NVDA.
Further AMD announced 4bn in share buy backs.
In Chart a trend based fib, shows a support at this level. MACD is about to cross green.
Concerns:
Cisco crashed on earnings today.
CN continues to threaten TW so TSM and most of the industry is at risk, also in general the market has been bearish since late February.
There's a chip shortage, but it's mostly too much demand.
SOXL has been stuck in a sideways movement, being bought in US, sold overnight. Though SOXL is meant to be a daily trade so this is reasonable...
Positives:
Computex is on May 31st, new products from most chip companies incoming.
Today Bank Of America and various other banks, maintained overweight and buys on Micron, Intel and NVDA.
Further AMD announced 4bn in share buy backs.
In Chart a trend based fib, shows a support at this level. MACD is about to cross green.
Concerns:
Cisco crashed on earnings today.
CN continues to threaten TW so TSM and most of the industry is at risk, also in general the market has been bearish since late February.
There's a chip shortage, but it's mostly too much demand.
SOXL has been stuck in a sideways movement, being bought in US, sold overnight. Though SOXL is meant to be a daily trade so this is reasonable...