Stocks quoted in this article:
The PHLX Semiconductor Index (SOX – 780.75) has eroded by more than 18 points, or over two percent, in mid-afternoon trading to reach its worst intraday level since early February. Since its September 1 intraday high, the SOX has crumbled by greater than 33 percent, encountering overhead resistance from its downsloping 10-day moving average. From a long-term glance, the index closed September below its ascending 10-month moving average for the first time since October 1998. It is presently perched just a chip shot away from its uptrending 20-month moving average.
Stocks leading the SOX lower this afternoon include Rambus (RMBS – 70-7/8), down 11.4 percent; Altera (ALTR – 41-11/16), down 5.3 percent; Texas Instruments (TXN – 45), down 4.2 percent; and Xilinx (XLNX – 78-5/8), down four percent.