SMH (semi-conductor holders) is in an interesting spot. The weekly chart is bullish, with a broad triangle setting up a potential upside breakout of a magnitude that could suprise many. The question is when. We could easily pull back to the 10 weekly at 37.25 before attacking resistance again, currently at 38.80, April 2006 high. There is initial support at 37.90, 76.4% 2006, and if that holds, bulls could charge sooner than later. The week ended with a Doji, so anything could happen. There is fear building out there and many want to get out before the summer doldrums, but keep in mind this week is end of quarter window dressing. Play this week day by day and watch the semi-conductors.
This entry was posted
on Sunday, June 24, 2007 at 6/24/2007 12:49:00 PM.
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