Jun 26

Semiconductors on the Rise

All the cross-currents, etc., put aside, my pattern work in the Semiconductor HLDRs (AMEX: SMH) argues that the SMH completed its correction at this morning's low of 37.49 (off of the June 18 high at 38.48), and should turn up at just about any hour now, on the way to new highs in the vicinity of 39-40.
Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!