Leading Group Spreading Its Wings:
The last 4 months the SMH has digested a powerful run. Can it be ready for its next sprint higher? The answer to that question is so far so good as PRICE nudges above the 260 number in a bullish ascending triangle. It is a little strange that it trailed the Nasdaq by one week, which did the very same thing last week above the 14200 number (most likely due to the action in FB MSFT and select software names). Tuesday the space saw some strong winners in the 4-5% neighborhood with the likes of SWKS CRUS and QRVO. AMD flirted with a CLOSE above the very round 90 number but did manage to CLOSE above an 89.30 double bottom pivot. It has traded between the round 80-90 figures in June and a finish above 90 in my opinion will carry a quick move to the very round par figure. Interesting was the weakness in INTC the day after it broke ABOVE a bearish head and shoulders pattern.