2024-03-06 12:45:00 ET
Summary
- As of March 6, Philadelphia Semiconductor Index is more than 14% above its 50-day moving average, and the closest it has been to that average since early November is 3.99%.
- While the SOX has been making record highs for a number of weeks now, in just the last few days, it also reached another milestone for the first time in over two decades.
- It may be a good year for semis at the index level, but try telling that to the third of the index that's not only trailing the gains of the index but also down for the year.
The unbelievable rally in semiconductors resumed this morning, as the Philadelphia Semiconductor Index (SOX) has erased all of Tuesday's 2%+ decline and is just below its record high from Monday. As of this writing, the SOX is more than 14% above its 50-day moving average, and the closest it has been to that average since early November is 3.99%....
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Semis In Uncharted Territory