Securities Research Services

Friday, February 23, 2007

Strong Move Continues to Brew

Commentators are excited about the strong move in the semiconductors yesterday. Until the SMH can break out above its weekly resistance (where it closed yesterday), we hesitate to get too excited about tech stocks. Oil is breaking higher once again though (big surprise – not!) and stocks in the broader market are toying with their highs in what could lead to a strong break higher fueled by yet more short covering.

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