NEW YORK (TheStreet) -- The PHLX Semiconductor Index was a market leader in 2013 with a gain of 39.3% for the year. That leadership has continued in the first half of January as the SOX set a new multiyear intra-day high at 540.14 on Tuesday.
I consider Intel Corp (INTC - Get Report) the benchmark semiconductor company given its status as a Nasdaq stock and a component of both the Dow Jones Industrial Average and the S&P 500. Intel reports fourth-quarter earnings after-hours on Thursday under the cloud of a shrinking market for PCs and has been downgraded to hold from buy this morning according to www.ValuEngine.com.
Intel's former archrival, Advanced Micro Devices (AMD) was one of my stocking-stuffer stocks profiled in Consider Buy Rated Stocks Under Five Bucks as Stocking Stuffers posted on Dec. 23. AMD, which reports its quarterly results next Tuesday, is up 16.5% since Dec. 22.
Others that report quarterly results next week are Texas Instruments (TXN), Cree Inc. (CREE), SanDisk (SNDK) and KLA-Tencor (KLAC) , and so by a week from today, we will have considerable evidence on whether the SOX can continue to lead.
Must Read: Wrong Calls: Intel, America Online and Apple
The SOX ($539.61) has a positive but overbought weekly chart profile with its five-week modified-moving average at 523.14. My semiannual value level is 490.52, with weekly and quarterly pivots at 531.54 and 536.98 and monthly and semiannual risky levels at 544.70 and 548.36.
Courtesy of MetaStock Xenith