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Semiconductors lose daily low

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The Semiconductor Index (SOX.X) has lost its daily low. This could be due to the latest rumor regarding Intel (NASD:INTC). The rumor is that Salomon may revise Intel's earnings lower.

Semiconductor Index 60-Minute Chart

The SOX was trying hold above today's low, but the "news" was the catalyst to push it lower. With the MACD about to roll over, it looks like the SOX could be getting ready to retest its lows. Intel isn't faring any better than SOX, and is down over 2 points on the day. Other sectors received a slight bounce when the Senate approved a lowered version of President Bush's tax cut. That bounce was short-lived as prices look to test the lows going into the close.

Jeffrey Canavan
Assistant Analyst
www.PremierMarkets.com

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