Nice rally, but SMH backs off from June highs and stay withing the wedge with a bearish divergence (see chart). Hard to tell what will happen here, but NQ also closed below the August trendline resistance. The VIX is in lala land again, and that strikes me as dangerous especially this time of year and ahead of Friday. Nevertheless, the bulls have the reins, so if short use caution. If long, remember that this is opex week and everything can turn on a dime.
This entry was posted
on Tuesday, September 12, 2006 at 1:47 PM.
