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Dr. Kris hails from the land o' lakes, beer, bratwurst, and Bucky Badger. She traded in her cheese hat for a propeller beanie and has never looked back. She has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her... More
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  • Market Notes: Semis Keep On Truckin' -- June 17 0 comments
    Jun 17, 2014 5:21 PM | about stocks: SMH, SOXX, ATML, IFNNY, SYNA, MTSI, AMKR, CY, MPWR, RMBS, SPWR

    Tech stocks have been lagging the market but lately they've been playing catch-up. Regarding the major averages, the biggest movers today were the tech heavy Nasdaq (+0.4%) and the small-cap Russell 2000 (+0.8%). These indices got a big boost from internet stocks and especially the semiconductors. We've been noting how the Semiconductor etfs (SMH, SOXX) have been advancing along with the oil producers. However, the latter group has finally decided to take a break leaving the semis to do the bulls' heavy lifting. And it's really no wonder since a lot of M&A (mergers & acquisition) activity has been happening in this area and judging by the heavy trading volume, it appears as if investors are betting that the consolidation will continue.

    Today, sixteen stocks hit new highs in the semiconductor space. (This is a lot.) Here are some of the more technically compelling names on that list:

    Breaking out to new highs: Atmel (ATML, $9.6), Infineon (IFNNY, $12.56), MA Com (MTSI, $23), and Synaptics (SYNA, $90.3). (Actually, Synaptics broke out last week.)

    Stocks in strong up-trends: Amkor (AMKR, $12.2), Spansion (CODE, $22), and Monolithic Power (MPWR, $42.4). All of the their charts appear to be over-extended and if you're looking to build a position in one of them, I'd wait for a pull-back.

    My technical favorites: Rambus (RMBS, $14.6) and Sunpower (SPWR, $40.2). Sunpower has been trading sideways since October before finally breaking overhead resistance at $35 a couple of days ago. It did so on strong volume--a very bullish sign. In mid-March, Rambus broke out of an eight month base before moving on to consolidate at a higher level where it spent a month and a half digesting its gains. Last week, it popped out of this consolidation pattern and continues to notch new highs.

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