AMD might be extended in price but that's a sign of its leadership. It just pulled back to test its 10-week ( ) for the first time since it started running in October. The stock is also coming out of a inside week, with a higher low, lower high and higher close. It's now on the verge of breaking the top of that range at $50.85.
Guess what else? The recent chopping around $48 represents a consolidation above AMD's old highs from May 2000 at the peak of the dotcom bubble.
Going forward, swing traders will probably stay on AMD as long as the 10-week holds.