Nice to see a solid red screen for a change. I figured yesterday would be the high-water mark for U.S./China feel-good relations. Give it a week. They’ll be slamming each other again.
Anyhoo, I shorted a bunch of high-fliers yesterday, and I augmented it today with SMH, which has a clear gap. My stop-loss price? Simple: Five Six Seven point Eight.
The longer-term view shows how, umm, elevated it is. I’d say it has a decent opportunity to at least retrace to its lower gap at 526.20:
