Semi Rotation Update - Post ASML Bombshell
Most of my price targets have hit, but not the most important ones. #NotDone
Read First:
Semi Rotation Update
Here are the highlighted price targets from not only my post above but made a month ago for clients that worked/are still working great:
I've been yammering on about these higher gap fills for over a month now, so wouldn't you know that as soon as they hit - correction, gapped above yesterday - NVDA $136.58; QQQ $495.41; and XLK $232.84 - today they corrected violently back to their respective 8D on news of ASML pre-announcing disappointing earnings.
With that, SMH fell 5.4% intraday, back to its 21D and my daily trendline support tagged.
Am I worried that my higher target of SMH 270.54-272.46 gaps won't get filled, in time?
Absolutely not. It is not a question of IF just WHEN, and I did say by year-end was best bet with NVDA and AAPL moving higher.
AAPL is still holding the line today - keeping market from falling apart - and it too hit my month-ago price target of 234.29 today.
With SPX hitting my 5820 price target Friday!
And with the CNN Fear-Greed dial triggering GREED, is it any wonder that the combination of ASML disappointment shook the complacent bulls violently, and that VIX expiry Wed morning combined with Oct 18th monthly OpEx pushed the semi rotation out of favor - for the day?
I think this shake-n-bake tests the LIFO bulls. That's also why: