Semiconductor Index (SOX) Continues on the Downside

The Philadelphia Semiconductor Index (SOX) continues the downside that began after the January 12, 2004 peak.

As of March 18, 2005 the duration of the SOX downside is 431 days. The upside of the current cycle began on October 9, 2002 and lasted 460 days.

The SOX most probably will test the 380 support level and could continue to decline to the old January 2002 low.

Avoid the semiconductor and semiconductor equipment stocks. Their current prices could go much lower.