Beware of Falling Chips
Chip stocks are looking heavy and dangerous after selling frenzies that followed earnings reports from Intel (INTC), Altera (ALTR) and SanDisk (SNDK) last week. While Intel held key support into the weekend, the other components of the PHLX Semiconductor Index (SOX) hit new 2012 lows and entered major downtrends, dropping the index into a test of the 200-day exponential moving average.
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