Truth be told, a survey of leading biotech stocks currently in the IBD 50 actually accentuates the importance of using both daily and weekly charts in the same manner as, say, the mega-cap leaders such as Sandisk, Micron Technology, and Western Digital in the data storage segment. The concept also applies to other tech leaders such as Marvell Technology in application-specific integrated circuits, and Ciena, a fiber-optic data networking company. Marvell carries a $140 billion market cap, and Ciena is valued at $76 billion.

Micron Technology and Sandisk stock continued their historic rally this week, thanks to a flurry of headlines signaling overwhelming demand and limited supply for memory. Micron, the memory chip maker, jumped 13% Friday, putting it on pace to end the week up 35%. Sandisk which specializes in flash memory, also rose 13% Friday.