NEW YORK (Real Money) --The overnight malaise was about the worst we've experienced thus far. Yesterday, it sounded like the "big one" was coming to the markets on Monday, but so far we've had a rather "ho-hum" reaction. It's impossible to say everything will be fine, though. Puerto Rico has been added to the default worry list along with Greece, so we'll see if the headlines get shared, but for right now it is still all about Greece.
It's not a bad day to make a shopping list, but I still split my day. Finding potential breakdowns at the moment feels just as necessary as finding breakouts. Semiconductors have been divided recently, with many of the old-school names suffering while a new group takes the lead.
Although not quite old school, I put ARM Holdings (ARMH) in the "been around for a bit" category. This is one chart where I have some concerns. The stock has already given up quite a lot in the past three days and shorting in the hole can be difficult, but we still may have more downside to come.
ARMH broke through a short-term support Friday and tested a longer-term support level, which did hold. This morning, the stock opened below the longer-term support and now risks a bearish trend developing. If ARMH can get back over $51, it'll be back in the trading channel and more neutral. However, the $50.70 and $51.20 areas are now both resistance. A bounce into that area without follow through should set up ARMH to test $47-$48 in the month of July.