Last month, semiconductor stocks and ETFs surged after Applied Materials, the world’s largest supplier of tools used to make semiconductor chips, said it earned $0.34 per share on revenue of $2.45 billion, beating The Street by $0.02 per share and expectations of $2.43 billion in revenue, the Wall Street Pit reports.

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Oppenheimer technical strategist Ari Wald “shows that the XLK still holds a bullish trend against the S&P 500. The XLK’s performance over the S&P 500 leads Wald to believe that tech could be ‘not only a leader over the coming year, but over the coming years.’” reports CNBC.

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Technology Select Sector SPDR

Tom Lydon’s clients own shares of QQQ.