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There may have been a shred of hope in the market on Friday, as the four horsemen of the semiconductor and biotech industries stood their ground and showed some signs of restoration.
"It could bode well for a real stand in these two leadership groups that have been hammered, and that weakness was the proximate cause of this week's decline," said Jim Cramer, the "Mad Money" host.
Last Friday Cramer saw the decline in biotechs coming and warned investors to ring the register, as the biotechs were getting overheated.
What caused it to peak? He was alarmed by the large amount of merger and acquisitions that were occurring, along with the huge bid for Pharmacyclics from AbbVie. Additionally, amazing results for anti-cholesterol drugs were announced by both Amgen and Regeneron.
To add to the top, Biogen had positive data released on its Alzheimer's drug. As a result the group got overheated and a bubble became evident and this week they all tanked.
"The ability of the four horsemen of biotech to rally today after that smack down is a very positive sign," Cramer said.
Likewise, the semiconductor spaced was crushed this week, too. Even the best stocks, the ones that have proprietary content linked to cellphones and connectivity, were hit hard. Cramer faves Skyworks Solutions, Avago, Qorvo and NXP Semiconductors were included in the carnage.
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"Again, I came away thinking that these semiconductor stocks can bottom, too, and the problem children in the group each have their own issues that don't bleed into the territory of the four semiconductor horsemen," Cramer added.
However at the end of the day, the clear leaders in both the semiconductor and biotech space found a way to stay strong. This indicates to Cramer that the weak hands are shaking themselves out of the stocks, which is exactly what needs to happen for the horsemen to make a comeback. This, at least, allows Cramer to relax about biotech and semis for the weekend and feel better about both groups.