A heavy volume selloff early in the session due to continued weakness in the economic stats for housing was offset by renewed confidence in semiconductors on TXN and ALTR earnings. The $SOX broke out of a five month base today and if this break holds, we might be in for some more upside. However, it should be noted that today's higher volume can be attributed to the early selloff. The NASDAQ continues to consolidate near resistance highs, but today's candlestick could be either a bullish hammer after a very small decline since Friday's high, or a hanging man signaling the beginning of a pullback. A hanging man needs confirmation so we'll see tomorrow.Economic calendar - Durable orders at 8:30, new home sales at 9:00, crude inventories at 10:30, and Fed's Beige book at 2:00 EST.
AKAM, AAPL, and QCOM report earnings tomorrow AH.
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