Chip stocks have lagged along with the broader technology sector. But just when you think they’re dead, they have a session like yesterday.
Notice how the Philadelphia Semiconductor Index opened 2.2 percent below its close the previous session. Also notice how quickly it bounced and ended the session up a full 2 percent.
The low was lower than Tuesday’s and the high was higher: a textbook bullish engulfing candle.
In isolation, that’s interesting for the bulls. But there’s more because …