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Awwww, shoot. I was having so much fun, too! Anyway, as I feared, once the DIA gap was filled, the market exploded into the opposite direction. At least my prediction for a bottom in a week still has a chance, since the free fall has stopped.
Weeks ago, when Super Micro was in a free-fall, I did a bullish post about it, noting that it was approaching a major price gap. Let’s just say that turned out to be an amazing idea.
It’s the same picture no matter where you look: a gap and a trendline. To the bulls’ credit, neither was violated during the modest selling from last week.
After being the most wretched member of the semiconductor space, Intel has been rallying mightily lately. If it gets close to that gap, I’d say this represents an intriguing opportunity. For now, I wait.
FXI is sporting two prominent gaps which I believe will draw prices lower in the days ahead:
