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Intraday Market Notes: Semis On Collision Course -- Sept.24

|Includes:Teucrium Corn ETF (CORN), JJA, NIB, SMH, SOXX

3:55 pm ET: Although it appears as if most of the major averages will be closing in the red, there are some rays of sunshine for the bulls. First off, the Dow Transports (DTX), generally considered a leader in market movement, held its 490 support level due to some nice advances in the flagging railroads. This index will be closing in the green, thank you very much.

Secondly, while the VIX opened the day with a big advance to the upside, it steadily inched its way down. This bullish move was countered by the rise in the Trin (they typically move together contrary to the direction of the market), but even here, the fact that the Trin was trading over 1.7 midday turned out to be a contrarian sign. Putting this all together means that tomorrow's open could well be to the upside.

In other news, we're seeing some softness in the so-called soft agricultural commodities. The following agricultural etfs all broke support levels: Corn (NYSEARCA:CORN) below $48, Cocoa (NYSEARCA:NIB) below $34, and Agriculture (NYSEARCA:JJA) below $62. A Goldman Sachs analyst was noted in a Bloomberg article today projecting weakness in the ag space through 2013 (except for livestock).

Although most sectors were taking a bit of a breather today, the semiconductors were finding no love at all. But that's not so unexpected as analysts are slashing pc demand. Both semiconductor etfs (SOXX, SMH) broke support levels but the most pain was felt by Dell computers (NASDAQ:DELL) whose stock continues to hit new lows. It broke major $12 support a month ago and at $10 a share it still has a ways to go to reach $8 major support. All you bears take notice!

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Stocks: CORN, JJA, NIB, SOXX, SMH