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The Philadelphia Semiconductor Index consolidated off its Aug. 2 high at 486.34, alleviating a technical overbought condition as measured by its 12×3 weekly slow stochastic reading, which was above 80 on a scale of zero to 100. Now this reading is rising again, which sets up a potential breakout above 486.34 as early as this week.
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The Philadelphia Semiconductor Index (SOX) is beginning to look like it did in 1999 to 2000. Just like six years ago, a number of stocks have become pure momentum trades, notably Advanced Micro Devices (AMD:NYSE - commentary - research - Cramer’s Take), Marvel Tech (MRVL:Nasdaq - commentary - research - Cramer’s Take), National Semiconductor (NSM:NYSE - commentary - research - Cramer’s Take) and Texas Instruments (TXN:NYSE - commentary - research - Cramer’s Take).

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