The PHLX Semiconductor (SOX) Index met our 1214.00 upside target today, first mentioned in our August 31st Asbury Alert entitled Semiconductors Resuming Their 2016 Advance (access requires subscription), to capture a 99.69 point, 9% advance in a little less than 6 weeks.
SOX outperformed the S&P 500 (SPX) by 5.6% during this same period.
In addition, our 164.00 upside target in the iShares PHLX Semiconductor Index ETF (SOXX), first mentioned in the September 5th Keys To This Week (access requires subscription), was also met today to capture a 9% advance in about 5 weeks.
These targets were also mentioned in John Kosar’s September 7th article for Forbes, entitled The Key To Avoiding A Fall Stock Market Correction.
Note that price targets being met do not necessarily mean that the directional move is over — only that our initial expectations have been met.
Here is the chart that appeared in our August 31st report.
Here is the updated version of that chart through midday today.
We publish these notifications for 3 reasons:
- to let Asbury Research subscribers know when to consider taking profits on existing positions,
- to let non-subscribers track what we are doing in the market, in real time, and
- to make everyone aware of a potential upcoming price reversal as price advances often end as upside targets are met and more savvy investors take profits.
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