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Semiconductor Stocks Are in a Momentum Bull Market

This year has been a bull market for semiconductors, as the PHLX Semiconductor Index, known as the SOX, is up 44.4% since trading as low as 552.26 on Feb. 11.

Broadcom (AVGO) , Intel (INTC) , Micron (MU) , Qualcomm (QCOM) and Skyworks (SWKS) are five of the 30 components of the SOX , and they all have bull market gains between 31.1% and 87.4% since their Jan. 20 to Feb. 11 lows.

Semiconductor leadership is a pleasant surprise, given the weak global economy and meager growth in the U.S. Renewed demand for semiconductors is normally a sign of economic growth, as a huge number of products, from durables such as automobiles to the smallest hand-held devices contain computing chips.

The weekly charts show a red line through the...