Stock Trends

Semiconductors breaking out, hot starts for our Hot List holdings and more

Good morning,

This week’s Monday Morning Playbook said that technology held the keys to the market, and boy did the sector step up. As today’s report will show, semiconductors are breaking out everywhere.

That flowed through to the broad market with the S&P 500 powering to a new all-time high yesterday and 71 of its stocks hitting a 52-week high with it.

Today, we’ll highlight some of the best charts within semis as well as:

• Hot starts for some recent additions to the Blue Chip Hot List

• Chinese stocks aiding our KWEB position

• Meme stock mania

• and more!

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Semiconductors are breaking out

Broadcom breaks out with a +4% day on Wednesday

AVGO broke out from a 2-month pause with a huge move the past two days. Short-term measured target is $1520.

SMCI takes out the downtrend line

Super Micro Computer needs nearly a 30% gain to get back to its highs but it could be well on its way. After holding the February pivot, SMCI took out its downtrend line and 50-DMA with a 15.8% gain yesterday.

There goes Microchip Technology

MCHP is a 2024 Base Finder stock and this is a buyable breakout. I would use the May 8 low ($89.82) as a stop. As highlighted in our January report, the long-term measured target is $135.

52-week absolute and relative highs for NXPI

Another 2024 Base Finder stock, NXPI found support at its 200-DMA after a false start and is now making 52-week absolute and relative highs.

Texas Instruments up 10 days in a row