NASDAQ Technical Picture - Semis Pace the Way

By: Wall Street Warrior Tuesday, July 17, 2007 11:52 PM

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Impressive performance by the SOX helped the NAZ post solid gains as it sprinted to new 6 1/2 year highs in the afternoon. Underpinning this group was an encouraging outlook from NVLS (+11.2%) prior to the open and midday commentary from KLAC (+8.9%) at the SEMICON West conference. Also, much anticipation of an earnings beat by INTC. The latter did not deliver and I expect some profit taking tomorrow in this sector. If you were not in this sector today, you might have found the day a little disappointing and somewhat choppy.

Economic Calendar: Pre-market CPI and Housing; Crude Inv. at 10:30

Companies moving in after hours trading in reaction to earnings: Trading Up: CPSS +9.7%; CHB +4.9%; RLI +3.9%; USNA +2.0; CCK +1.7%; CSX +1.0%...

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