SOX Underperforms NDX By a Wide Margin

Semiconductors underperformed significantly Monday, with the SOX up less than half the amount of the NDX on a percentage basis. That’s a short-term negative sign for the next couple of sessions. In the table below is every case since 2000 in which both the NDX and SOX closed up at least 0.5% but the NDX more than doubled the percentage gain of the SOX. Note that in 22 out of 27 instances, or 81% of the time, the Nasdaq closed at a lower level two sessions later, a significant edge over the 48% random chance for a lower NDX two days later. Only one case led to a gain of more than 1% while thirteen led to a drop of more than 1%…

NDX & SOX +0.5% or more & NDX Doubles SOX Gain
06/27/11… Nasdaq ??? two days later
01/03/11… Nasdaq +0.7% two days later
10/15/10… Nasdaq -1.3% two days later
09/20/10… Nasdaq -0.3% two days later
07/23/09… Nasdaq -0.1% two days later
03/31/09… Nasdaq +4.6% two days later (*)
12/08/08… Nasdaq -0.2% two days later
12/02/08… Nasdaq -0.2% two days later
09/11/08… Nasdaq -3.8% two days later
07/25/08… Nasdaq -0.1% two days later
07/08/08… Nasdaq -1.7% two days later
10/05/07… Nasdaq +1.0% two days later
08/24/07… Nasdaq -3.2% two days later
02/27/06… Nasdaq -0.1% two days later
04/25/05… Nasdaq -0.9% two days later
10/18/04… Nasdaq -0.3% two days later
07/27/04… Nasdaq +0.5% two days later
12/01/03… Nasdaq -1.9% two days later
09/18/03… Nasdaq -2.4% two days later
03/25/03… Nasdaq -0.4% two days later
04/08/02… Nasdaq -2.1% two days later
05/02/01… Nasdaq -2.0% two days later
05/01/01… Nasdaq -2.2% two days later
03/27/01… Nasdaq -9.9% two days later
01/23/01… Nasdaq -4.9% two days later
08/24/00… Nasdaq +0.1% two days later
06/30/00… Nasdaq -3.0% two days later
05/05/00… Nasdaq -6.6% two days later

Categories : Archived EOD Commentary, End-of-Day Commentary

 Print This Post