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Firming turns to strength

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Just wait a couple of hours, let alone 30-minutes and things might change, but stocks are now higher as Semiconductors (SOX.X), Software (GSO.X) and Disk Drives (DDX.X) have gotten the NASDAQ Composite back into positive territory.

Helping drive the Semiconductors higher were comments by Intel's (NASDAQ:INTC) $32.80 (+2.85%) CEO Andy Bryant, speaking at Credit Suisse First Boston's (CSFB) investment conference. Mr. Bryant said as days pass during the quarter, he becomes more comfortable with the company's 4th quarter financial targets. Intel's quarter ends December 31st.

Shares of storage maker EMC Corp. (NYSE:EMC) are higher by 7.7% to $18.15 after Chairman Mike Ruettgers presented at the CSFB conference.

EMC Corporation - $0.50 and $1 box

After an excruciating number of sell signals, the point/figure chart of EMC Corporation (NYSE:EMC) is beginning to flash buy signals. The first buy signal came in late October at $14, with the "quadruple-top" and has been followed with two "double-top" buy signals, the latest coming today at $17.50. Current bullish price objective from the vertical counts gives hint of $20.50.

Jeff Bailey
Senior Market Technician
Option Investor

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