"Sell the News" is Becoming Even More Prevalent

Add TSMC to the growing list of Stocks which are dropping after positive earnings.

• We hate to sound like a broken record, but the action in the chip stocks going forward is still the most important issue for the stock market. They are definitely showing some meaningful cracks, so they’re going to have to see a strong & sustainable rebound soon…or it will raise some raise some real warning flags on the equity market.

• The SOX semiconductor Index is not the only one that will be testing a key technical support level again today. The same is true for one of it most important stocks: Taiwan Semiconductor (TSM)…which is yet another stock which is seeing a “sell the news” reaction to their earnings/guidance.