2024-03-08 18:20:00 ET
Summary
- The rally in semiconductors is starting to run out of superlatives to describe it. Just when you think it has to take a breather, it turns around and rallies another few percent.
- Yesterday, the Philadelphia Semiconductor Index (SOX) closed more than 17% above its 50-day moving average and 36% above its 200-DMA.
- Yesterday was a monumental day for the semiconductor sector because it was also the first time in its history that the index closed at a higher price than the S&P 500.
The rally in semiconductors is starting to run out of superlatives to describe it. Just when you think it has to take a breather, it turns around and rallies another few percent....
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Semis Drop The Mic