The software space has assumed a leadership role whether it likes it or not. The IGV trades 37% off most recent 52-week highs, but most of its top 5 components are trying to start something. The top 5 holdings in the fund which make up nearly 40% are trying to carve out bottoms. Top holding MSFT broke above its 50-day SMA Wednesday, a good start, and each of the last 3 sessions has CLOSED at the top of its daily range. CRM the number 2 holding, is 45% off its annual peak and is fighting with its 50-day SMA here and has recorded two-gap ups in June on 6/1 and 6/24. The rest of the top 5 is mixed with ADBE ORCL and INTU with the latter improving its chart complexion as it sits above the very round 400 number within a symmetrical triangle pattern. Below is the chart of the IGV and so far this week it is higher by 2.5% and trading inside last week. The week ending 6/24 rose more than 10%. If this group can hang on until some potential strength within the semis that would be a nice win-win situation.