Choose Your Lens:
The kitchen sink and then some have been thrown at the semiconductors during this earnings cycle. Of course, we have had warnings from NVDA AMD INTC, and MU. QCOM had a hiccup after earnings itself on 7/28. And what has the chart below of the SMH done over the last one-month period? It has gained 14%. The fund is down “just” 2% this week but still at the moment is still in the upper half of the WEEKLY range, and the prior 5-week winning streak has advanced by a total of 55 handles. The SMH slumped more than 4% Tuesday in the largest daily volume in 6 weeks, and all it did was retest a broken downtrend successfully and find comfort at a now upward sloping 50-day SMA. If you are a bear you must be saying what does the ETF have to do to decline from here? If you are a bull you have to be impressed by the PRICE action. Add to that the action in software and technology looks ready to start leading once again.