This morning the Semiconductor Holders Trust(NYSE:SMH) is trading higher by 0.41 cents to $27.79. The move higher in the chips comes as a the inflation rally is lifting all sectors. The SMH will have short term intra-day resistance around the $28.00 area should it continue to trade higher.
Some other leading chip stocks that are showing strength today are Broadcom Corp.(NASDAQ:BRCM), and Qualcomm Inc.(NASDAQ:QCOM). BRCM will have short term intra-day resistance around the $36.00 level. QCOM should find short term intra-day resistance around the $45.00 area. As long as the market remains strong today the chip stocks should hold up fine. Should the overall stock market start to decline this sector could come under pressure.
