SMH is still undecided, which means the SOX is still undecided as to the title’s question.  The decision for this sector that led the post 2012 stock market comes with a break up and out of the red line or a failure of the green one.

The QQQ stabbed the resistance parameter today and stops out a would-be bear trade right there or if it does not fail immediately.

MACD is sneaky on SMH and has gone positive on QQQ.

Throughout 2014 my best trades have been shorts (DDD, SSYS and even the QQQ) but with the bombed out state of the momentum stocks and much of the market beneath the surface, we ask the question about whether that was it, the correction?  So many indicators went bearish and that manifested in pretty good damage; yet the venerable ones Dow, SPX and Tranny held up.

The big bull phase started with the Semi’s so the current phase might as well end with them, whether that means the end of the bull market or increasingly likely, the end of the recent corrections.

Separately, a quality company like Google gets hammered down the MA 200′s?  That’s notable.  Then it forms a little bullish pattern?  That’s even more notable.  Then you think about the QQQ at resistance and…

…well, you at least hang up your bear costume for safe keeping for when it is needed in the future.  If that future is tomorrow with a failure then so be it.  If it is the summer or the fall, so be it.  But right now actual technicals are putting the bear case in jeopardy.  If the Semi’s break upward and hold the breakout, I would not be bearish right now.

Outside the US NFTRH been following a new bullish move in China and evaluating the Emerging Markets both nominally and in relation to the S&P 500.  Interesting, at least.

Hey, have a good night.  Off to jam.  We have our once or twice a year gig coming up in July and should actually be able to play our songs in a capable manner for it.