Seventy-eight days have passed since the April 7th low. Since that time, life for the bears has gone from Awesome to Unbearable (so to speak). This became even more unbearable-er as the semiconductor fund SMH stopped dicking around with its trendline and made the leap higher.
This was helped in no small part by NVDA, which is near lifetime highs.
Advanced Micro Devices (AMD) has ripped higher for almost all the aforementioned 78 days (taking a break for weekends and, of course, Juneteenth) and has sealed its price gap.
Micron, which reports after the close tomorrow, has likewise sealed its gap. I suspect the earnings report will help inform the semiconductor sector in general whether these gaps are exhaustion points or simply waystations on the march to lifetime highs.
I have to confess, Zerohedge’s graphic this morning pretty much nailed it. Every single “this will put an end to the rally!” event has meant absolutely zilch.
