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March 23, 2006
Semis Trying to Firm
The Semiconductor HOLDRS (SMH) is firming near the lower trendline of a falling price channel. After a sharp decline last Thursday, the stock firmed over the last three days. A move above 37 would recoup broken support and break the mid March high. This would be short-term bullish. If SMH and HHH breakout, then the Nasdaq would surely rally. That is still a big “if” though.
Posted by Arthur B. Hill at March 23, 2006 09:30 AM