Banks are giving it up at resistance (USB), Time for some profit taking (all actually in that stock and sector) Those that held the SPX index should all be into profit taking
SMH just lost its 20 and 50 ma on 5 minute chart. Keep exposure to these semis small with hard stops. We are already short two others. If SMH losses 38 it will be the critical support of the 15minute chart (50 ma) for us its critical because these are only reversal period trades, there is no solid trend that would show cause to hold any semiconductor overnight (We did hold QLGC but only 25%) Look at the charts, the earnings, the bear flags and the fact that a good relief rally always proceeds a continuation of former trend. Just an oversold bounce for the semis, and a very shortable one. Nothing wrong with taking a profit on the long side but I wouldn't be shouting 'huge rally' from the rooftops here for the semis.
Traders have been trading these markets for months (up and down) and we didn't need any 'help' prognosticting when everyone seemed to have a handle on the correct trend all along! Who cares about calling the trend? Earnings plays have taught us for going on 6 3/4 years that the trend is detemined by the earnings report and not the reverse. TECD is up today where is the trend? MIK is up today where is the trend? Where is the trend in the SMH? Each sector has its own trend although we also post the general support/resistance areas of the major indexes, but we don't live by them alone. Traders who wear blinders to the farther reaching catalysts for these market moves get it WRONG so they simplify the entire market to a tic toc toe sign or a pitchfork. Trading is not kindergarten, its being aware of the geopolitical, macro economic situations that influence the market a whole lot more than a few tic toc toes, or a "scary" looking pitchfork.
Market Data 
Markets 
AI
