Could Have Been Worse

The market rallied a bit late in the day, enough to mitigate what could have been a pretty nasty selloff. Yet the SPX finished down -0.50% and the NDX was down -0.25%. Volume on both exchanges came in lower than yesterday's session. In terms of my characterizations yesterday, I would classify today's action as benign consolidation.

After the close, XLNX raised guidance. This should help support the semis tomorrow. Of course, tomorrow night INTC holds its mid-quarter updates. That is likely the big event of the week for chip stocks. I would consider adding to INTC in the $25-26 range. We'll see.

Have a great night--