SMH update
SMH (semiconductor ETF) broke down from its four year range this month and how we close will be critical. Without the semis, there is no sustainable rally. Resistance is 26.39, 27.09, support is 25.20, 24.50 and 23.85.
We are entering option expiration week, the Q's have pretty strong put support between 42 and 43, call resistance starts at 45 and 46.
That should be our range, barring events that force short calls or puts into hedging.
This entry was posted
on Sunday, September 14, 2008 at 9/14/2008 12:51:00 PM.
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