"It looks a lot like 2013 and 2016 to us speaking in terms of the Philadelphia Semiconductor SOX index," Wald said Monday on CNBC's ". " "This was the last time that the index punched through year-long resistance after at least a 20% decline, and in those prior periods the index went on to rally for at least another year and pullbacks were buyable."
The SOX index fell by more than 20% from June 2015 through August 2015. From that trough to the end of 2016, the index roared more than 70% higher. The index had a similar setup in 2011 through 2013. However, the chipmaker stocks do need to hold onto critical support for the rally to continue, Wald said.
"The assumption is that it does as long as the breakout holds, as long as you're above the breakout at 1,445 which was the January 2018 peak. You buy the pullbacks and the long-term uptrend continues," he said. Chips stocks plummeted Monday after President Donald Trump threatened increased tariffs on a slew of Chinese products. If the trade dispute comes to a resolution, chips stocks appear to have a path to recovery, said"Obviously you have to assume that this China noise goes away. If you take that assumption, then you also need to buy into the idea that chips should be recovering by the second half of this year or the first half of next year," she said on Monday's "Trading Nation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Curaleaf leads cannabis stocks higher after unveiling its latest all-stock dealCuraleaf Holdings Inc. shares soared Wednesday to lead the cannabis sector higher, after the company announced it is acquiring Cura Partners, the parent of...
Source: MarketWatch - 🏆 3. / 97 Read more »
Glenview’s Larry Robbins says he’s shorting 3M shares, likes healthcare stocks: SohnGlenview Capital Management CEO Larry Robbins said at the Sohn Investment Confer...
Source: Reuters - 🏆 2. / 97 Read more »
Chip stocks are falling on US-China tensions—here are 2 ways to buy the dipSemiconductor stocks felt the heat of an uptick in U.S.-China trade tensions on Monday, but two exchange-traded funds could help investors seize on the dip, experts say. u mean sell the peak!!
Source: CNBC - 🏆 12. / 72 Read more »
Gilead stock ticks higher as earnings beat Street, revenue doesn'tGilead Sciences Inc. shares ticked higher in the extended session Thursday after the biotech drug maker topped Wall Street estimates for earnings but not for...
Source: MarketWatch - 🏆 3. / 97 Read more »
Stocks edge higher as Apple results boost Dow, tech sharesStock futures push higher on Wednesday, pointing to potentially more records for major indexes as Apple Inc. shares climbed in premarket on an upbeat...
Source: MarketWatch - 🏆 3. / 97 Read more »
The last time stocks rallied this much to start the year, they plummeted over the summerStocks have surged through April in their best start to a year in 32 years. But, markets don't have a good track record of following up on a rally of that size, says LPL Financial's Ryan Detrick. TradingNation This time, stocks has the Fed propping them up. This bull run will never end.
Source: CNBC - 🏆 12. / 72 Read more »
Rally Cars: Dealership Stocks Rise as Firms Pivot from New VehiclesStock prices for the nation’s publicly traded dealership groups have rallied in recent months, a sign of Wall Street’s greater confidence in the ability of auto retailers to weather an expected downturn in the U.S. car market. US car makers are creating their own downward spiral. GM is completely lost, Ford is making a huge mistake with their sedan division and Chrysler isn’t American.
Source: WSJ - 🏆 98. / 63 Read more »
Wall Street Weekahead: Record-breaking rally leaving energy stocks behindThe stock market surge since the start of the year that has sent the benchmark S... :*
Source: Reuters - 🏆 2. / 97 Read more »