Decision Time for Dow and Semiconductor Index
Bulls have done a good job of clawing back the losses generated by the individual days of selling which have peppered the market since April's lows. The S&P had reversed from the point of the March high in what looked to be a good shorting opportunity but the lack of follow-through leaves this play vulnerable to a swift exit. A short-stop at 2,792 is the best protective play but further highs are looking more likely.