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Christmas Rally Requires the SOX to Join In
The price action in the Phlx Semiconductor Index (SOX) is not looking good. Yet the SOX must rally for the Nasdaq to have a seasonal Christmas rally.
Large components are : INTC, AMD, MU, MRVL
We know that Intel has cut its guidance as .."the PC market is going into the toilet, and the global economy (ex-US) is plainly brutal". The performance of Intel (INTC) has been poor, therefore Intel needs to bounce to satisfy the need for a rally. They other question is can Apple Inc (AAPL) carry the NASDAQ all by itself? Watching and waiting.
The half cycle is when the cycle meets the zero line. When the half cycle is passed price action has little time to conform to the cycle dominance. If price action fails to conform then the cycle weakens.
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