Can Semiconductors Lead Stocks Again?
Semiconductors have been an important market leader this year, but have seen a sizeable pullback in the last month. SMH is still up +36% on the year, but was up over +47% as recently as November 24th. This chart may be an important gauge as to whether semis can get their mojo back. SMH vs QQQ is nearing its 200dma which has been very pivotal for a while. It is also at the June high in the pair where we saw it break out, filling in the gap. Not a bad technical spot to see semis start to outperform again. Or, is the market moving on to something else in the rotational themed equity market??
Originally Published at: Can Semiconductors Lead Stocks Again?