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MKS Instruments cleared a double-bottom base buy point (at least intraday). MKS had been in a bidding war for laser maker Coherent.
- And next let's take a look at today's stock of the day, which was MKS I. So what's going on within MKS I here and this double bottom base?
- Oh, a couple of things. This one, MKS, was in this bidding war with a bunch of other companies for a laser maker coherent, and it seems like they've given up. And so I think that was a negative that's off the table now, and this stock has bounced back. I mean, it bounced back really quickly. A lot of other stocks-- and we'll look at another one soon-- they haven't really come back quickly.
This one had pretty violent little volatile moves, but it's back now. The volume came in, finally. It wasn't actually that strong, I think, for a while, but it came in at the end of day, so it was at least was above average. It came off its highs, but did close above the buy point. I mean, it's like that was pretty high in its range, a lot better than the NASDAQ. And the fact that a lot of other chip stocks are doing well, maybe not as real as this one today, but that also can give you a confidence.
- And strong quarterly numbers as of late and it also comes from a strong industry group. So it seems like a lot of chip stocks in focus right now.
- Yeah, all of a sudden, they sort of popped up. I mean, they didn't break down that much, and so then you get a strong rally. They're starting to come into play. Some of them were a little disappointing with the closers, but, again, just have just a strong NASDAQ, more of a tailwind, and then a lot of those might start flashing buy signals as well.
- All right, a group to keep an eye on for sure.