Nice close for the semis, with SMH holding above 31.11, 10 dma. Resistance is 31.23, 50% July, so the range is tightening. This is summer trading so buying support and selling resistance works and hoping for a clear trend doesn't. In other words don't get married to either side, long or short. However, if SMH can hold above 30.80/31, the bias remains slightly bullish. Keep on eye on oil and rates.
This entry was posted
on Monday, August 14, 2006 at 8:29 PM.
