Market Update 1/5/2022 - Yesterday's Bearish Reversal in Tech Stocks

 Seems like no sooner than after I called for traders to get short, in yesterday's blog, the market suddenly reversed into negative territory, with tech leading the way down. 

Yesterday, I mentioned that GPU manufacturures were going to be reporting new hardware releases at the CES (Consumer Electronics Show), and AMD's lackluster announcement helped send the chip sector, and tech, into a downward spiral.  

See: 

AMD shows off $200 graphics card and new chips in CES presentation, stock falls

marketwatch

$AMD stock did get a bounce at the 50 day moving average, so that's the level to watch. 

I like it at $50, around July 4th. 

Other Semiconductor names to watch are of course NVIDIA, which also happens to be trading around (just below) the 50 day. 

Intel is expanding it's business into the world of high end graphics cards this year. Still waiting for an announcement... but no doubt they are going to take market-share away from AMD and NVIDIA. 

Intel is shipping new high-performance Arc Alchemist GPUs to PC and laptop makers right now 

pcgamer

I like INTEL right here, at $55, trading just below the 50 day ma. I also like it, on a pullback, to key support @ $45. Buy and hold $INTC 

TAIWAN Semi is manufacturing the new line of Chips for INTEL, that means the shortages will probably continue.  

$TSM (Taiwan Semiconductor) Not liking it up 7.25% this month, as it retests the top of the range... 

I don't like AVGO (broadcom), or AAPL, either, but the worst of the bunch, has got to be Hewlett Packtard! 

$HPQ (Hewlett Packard) - strong sell 

 Covid has pretty much run it's course over the past 2 years, and once folks realist that, they will be done working, and schooling, remotely. That's going to cause tech, and especially computer sales to plummet. 

Another sector that's going to take a hit is gaming, as in video games, and console games, but I've already run out of time. 

Take care, AA 

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