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Did Nvidia, Micron, And AMD Just Turn For The Better? Not So Fast
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Chips stock managed to finally rally, with the Semiconductor ETF ($SOXX) rising by over 2 percent. Even battered stocks Nvidia ($NVDA), Micron ($MU), AMD ($AMD) and Skyworks ($SWKS) managed to rally. Although the rally was nice, it is a development that will need to be continuously montiored because none of the stocks areย entirely out of the woods just yet.
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Nvidia
As noted over the weekend, Nvidia may have put in that double bottom, we were wondering about. But shares will need to rise above $201, to confirm a potential breakout.
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AMD
As noted over the weekend as well, I have struggled with getting AMD right for some time, and today proved again just how off I have been. Share rallied hard today, and significantย enough to break through not one, but two levels of resistance. Still, observe this one, the next level of resistance comes around $11.50.
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Micron
Micron reports results tomorrow after the close, and nothing could be more significant for this company, with guidance being essential.ย It may be too early to draw in a trend line, but there is the making of an uptrend. Continue to watch and pay attention to that guidance and margins.
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Skyworks
Skyworks shares have found support once again around $94.5, and shares had a nice bounce today. The RSI suggestsย shares are oversold. But still, it may be too soon to call the bottom.
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Financials and Utilities
Financials performed the best today, up by over 1 percent, while Utilities again fell. The market is sending a pretty clear signalย here, it sees a higher interest rate environment coming, and that is positive for banks, and bad for Utilities. Utilities have higher yields, and when rates rise, stocks prices for high dividend stocks fall to adjust for yields.ย That is what is happening here.
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Rates
Over the past week the Utilities ETF, XLU has fallen by over 3 percent, underperforming a bunch of sectors.
Rates on the longer-end of the curve could be set for a breakout as well.
Night
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Tags: #Nvidia #amd #micron #skyworks #financials