But for how long? Of course, there are always exceptions like an ON which continues to trade right at its double bottom pivot of 67.29 taken out on 8/3 and is a rare name in the space above both its 50 and 200-day SMAs. But strong seasonality overall kicks in on October 1 (beginning of Q4) and for semis specifically in November as we spoke of this in our WEEKLY report last weekend here. If one can remain small and nimble until then, then perhaps one can put their foot on the proverbial accelerator. If one wanted tech exposure at the moment they are better off in software as the ratio chart at the bottom of the SMH chart shows. And software via the IGV was impacted to the tune of 3.2% after ADBE recorded its FIFTH consecutive negative earnings reactions today and has been more than sliced in half from the very round 700 number last November. Other top 5 holdings are MSFT CRM INTU and ORCL each off between 30-50% from their most recent 52-week highs. ORCL looks a bit intriguing as it trades between the round 70-80 numbers and if the 70 figure holds would still continue a string of higher lows since 6/13. But there are winners within software. Seek and you shall find.