the reason for the break out today was on ADI earnings and NSM being upgraded. I think tomorrow is the day we find out if they breakout or back off.
I think the breakout is suspect as it comes with upgrades of semis when we know just last month there were all sorts of issues with AMD and others. As it comes right at the downsloping trendline, I wonder if someone put on a large short position recently and was taken to the cleaners today? Otherwise who would be jumping on semis on a 2-3% gap up?? http://lauristonletter.blogspot.com/
Overwhelming strength in all the semis across the market today. SMH at top of range, could break out!