Stock Market Update

[BRIEFING.COM] The major indices, with their modest losses, are teasing buyers and sellers alike.

The tease for buyers is that the losses aren't that much at all relative to recent gains, which might lead some to think this is a temporary blip before a resumption to the upside. The tease for sellers is that there is weakness today that is being paced by the software stocks, which might lead some to think the recovery off the March lows is a dead-cat bounce.

To be sure, the tape will ultimately tease things out to determine where this market is headed in the near term if headlines surrounding Iran don't do so first.

Our last comment called attention to the weakness in the software stocks today. Now, we'll turn the page and highlight the continued strength in the semiconductor space. Texas Instruments (TXN 274.65, +38.34, +16.22%) is the pacesetter there, rallying after easily topping Q1 consensus estimates and issuing guidance for Q2 that is well above current consensus estimates.

The Philadelphia Semiconductor Index is up 1.8%, leaving it up 33.0% this month!