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Tackle Today: Taiwan Semiconductor Provides a Spark

January 18, 2024

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«Tech Rallying!»

Coach Mark here.

It has not been a great year so far for bulls overall to this point. Major indexes such as the S&P 500 and NASDAQ 100 have held up, many of the areas of the market have been under pressure. Bonds have had a dreadful start to the year and many areas of the market have charts that look downright ugly. The themes in the market have not been great either. Fed officials have been pushing back against rate cuts, there have been sticky inflation reports, geopolitical risks are increasing, and a rising dollar have all contributed to a lackluster start to the year for the bulls.

The bulls needed a spark. Taiwan Semiconductor Manufacturing Company (TSM) might have provided them one. It certainly did today! TSM is one of the most important companies in the world. As a leading foundry, it is at the heart of the semiconductor world and provides more than a glimpse into the health of the vital semiconductor space. Their earnings report’s forward guidance today has created a much-needed spark of good news for the bulls and tech and semiconductors are rallying hard today on the catalyst.

We shall see what the rest of earnings season brings and while there are many chapters to written in the coming weeks, TSM’s earnings report certainly can slide into the bull’s camp.

Have a fantastic Thursday!

Chart of the Day: TSM

Impressive gap up on TSM after their earnings results. Secondary patterns here could be very interesting.

Today’s line up

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