SMH up..up...and away NSM, NOK, MSFT and others from our list. Never straddle both positions of course when the directon is clear. There is no earnings in SMH, so there is no need to play anything but the prevailing trend. If the trend changes dramatically, we might lock in INCREMENTALLY (33 or 25% at a time leaving over 25% overnight or more depending on the strength of the trend)