The iShares Goldman Sachs Semiconductor ETF and the Merrill Lynch Semiconductor HOLDR continue to be among the weakest sectors of the market. This is unusual considering the underperformance in 2004. This article from Jonathan Berstein of the ETFzone talks about the fundamentals behind the recent moves.
In my opinion the Nasdaq will have a hard time rallying significantly until it gets a little help in the form the semis.
IGW: When Will The Pain End?
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