New Upleg for SMH?
The big picture of the Semiconductor HLDRs ETF (AMEX: SMH) shows today's action has the potential to represent a key upside reversal day, which I will view as the start of a new upleg that projects next into the 39.20/50 target zone, likely on the way to confront 40.00. Only a break of today's intraday low at 37.70 will wreck the developing scenario.