This week the semiconductor stocks got hit very hard on Thursday. The supposed catalyst was indications that Apple was cutting back on iPhone 7 production. But many tech stocks are also getting hit.
Some say it is a rotation into sectors like finance, infrastructure and energy. But some of this is also related to global commerce and sourcing. Fears of a trade war with China are not helping stocks like Apple.
Back on October 29 I created a post and video where I talked about Qualcomm (QCOM) and the semiconductors topping out.
The Technology Sector ETF (XLK) got hit this week and also appears to being topping out. See chart below.
Facebook has had quite a run but has been selling off since its closing all-time high on October 24. It is down 13.4% thru Friday’s close.
And Apple broke an uptrend line on November 4 and appears to be rolling over. It’s closing high for the year occurred one day after Facebook on October 25 and is down 7.1% as of Friday’s close after a 2 week bounce.
In today’s brief video I look at the Nasdaq Composite daily and weekly charts. I then look at the Semiconductor ETF (SMH). Four semiconductor stocks: Cirrus Logic (CRUS), Microchip Technology (MCHP), Qorvo (QRVO) and Qualcomm (QCOM).
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