All the cross-currents put aside, my pattern work in the Semiconductor HLDRs (SMH) argues that the SMH completed its correction at this morning’s low of 37.49, off of the June 18 high at 38.48, and should turn up at just about any hour now, on the way to new highs in the vicinity of 39-40.





Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.