anEck Semiconductor ETF (SMH)

[royg1927]

I'm not too happy to be doing multi-intraday trades, but it seems the most reliable way of doing business right now, since the long expected (by me and some others)major downdraft has not shown its hand for sure. Nevertheless I continue to favor the short side and am scalping whenever an opportunity seems to appear. I'm mostly following the 1 minute x 4 hour real time chart and am seeing a series of lower highs and lower lows with bear flags in between since the failure at 10:30 to break above the 10:00 HOD (or a couple of pennies). So far, the stochastics above 80 on the 1-minute have correctly signaled sell territory and below 10 for buys to cover. Whether that pattern continues for the rest of the day (or another hour for that matter) is uncertain, so I am following the mantra to "take profits relentlessly and get out of bad trades fast". About 10 minutes ago, SMH failed to break below 37.10 which had been the previous low around 12:05-10. Needs to break it this trip down, but maybe not.