Broadcom (AVGO) just released their earnings, and for those hoping for an ORCL-like reaction, nope. It’s zooming higher so far.
This isn’t exactly surprising. AVGO has been one of the most robust, resilient, steadfast perma-risers out there. It’s up about 400-fold since 2008.
In turn, the semiconductor ETF symbol SMH is zipping higher.
And this is flowing to the /NQ futures as well, which recovered almost 500 points from their post-ORCL selling. The red line is important resistance at this point, since it has failed to definitely cut through it three times before already.
I’ve got to level with you: with the exception of precious metals, I am finding the market to be a crashing bore lately (OK, crashing is the wrong term; many descriptors can be used related to the market, but “crashing” isn’t one of them). I sure hope it changes soon, since it’s tough to write about a giant blob of grey clay.
