So Far, So good

Yesterday I mentioned two semiconductors that looked ready to bounce a bit, INTC and BRCM as well as the entire semiconductor group (SMH).


All are up this a.m.


3C was also showing some consolidating action in USO,  so far it's on track for a consolidation.


Of course AAPL has been mentioned frequently with regard to its relative weakness against the market, now we have an idea why. This may also be why the semis are gaining some strength as AAPL's reduced weight will probably be spread out among tech company's so there will be at minimum, index rebalancing buys in certain tech names including semis.



There were also some doubt about the strength of the most recent move in SLV and GLD yesterday, those doubt persist at least on a short term basis, my mid-term analysis can be found here. (basically expect some more chop laterally in and out of that zone I depicted).

 GLD 15 min depicts weakness in the recent move up yesterday

 Very short term on the 5 min chart there's a positive divergence, I'd expect GLD to head at least to a high above yesterday's and at that point we want to watch for any change in the character of GLD

 The same longer term relative weakness at yesterday's move higher on a longer term basis.

and the same 5 min positive divergence which has already brought SLV to a new intraday high above yesterdays so we'll keep an eye on it here.

UUP, despite its strange behavior on Friday, looked like it was ready to move higher today and it has.