It all started with the Intel earnings effect five days ago as the Semiconductor HOLDRS (SMH) gapped above 35. After stalling for two days, the ETF continued hiher and is now challenging the February-March highs. Semis are starting to show relative strength again and this bodes well for techs.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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