Market Digest: UAA, GILD, DINO, TRGP

Summary

The minor change in character in the stock market lasted three to five days, depending on how it is measured. After three down days, that was enough for the ‘king of the hill’ and investors swooped in and catapulted Nvidia (NVDA) to a 6.7% pop on June 25. The stock is now just 7% from its recent all-time closing high. While other semiconductor stocks rose as well, their gains were muted — with most of the heavyweights gaining 2%-3%. ARM Holdings Plc (ARM) was the exception, reclaiming 6.4%. So was that it for the great semiconductor decline in 2024? Bullishly, most of the big stocks held initial support from their 21-day exponential averages. In addition, the semis quickly worked off extreme momentum divergences on a daily basis. But many remain overbought on a weekly basis and have traced out weekly bearish divergences, with some quite glaring. From a technical basis, we would prefer (and lean toward) more sideways-to-down price action in the coming weeks before the next leg higher. Seasonally, the summer-to-fall period has been the worst for semiconductors and technology in general. As for the areas of the market that benefited rec