Options777
06-28

Stretching out the chart for $S&P 500(.SPX)$  $VanEck Semiconductor ETF(SMH)$  $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ , the current dip is a minor pull-back and shaking out those who are panicking after the 3 months of all time highs.


The sell-in-may event this year got postponed till mid June because of the Iran war and the world cup. Big boys traders are taking a delayed summer break now thus the money flow is mainly algorithmic by the market makers.  I expect to see more catalysts coming in late July onwards and hopefully we will resume a bullish trend towards mid terms.


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Modified in.06-28
Indexes Flat, But Where Were the Gains?
Friday was quarterly triple witching - index futures, index options and single-stock options expiring at once. The index barely moved: QQQ +0.63% to $721.45, SPY roughly flat at $761.69. Underneath, it split. The Philadelphia Semiconductor Index rose nearly 3% while the megacaps went the other way: Meta -2.43% to $665.75 on no company news, Oracle -1.98% to $147.61, handing back a third of Thursday's 5.19%, Apple -0.26% to $336.13. On an expiry day the index print is part mechanics, not all opinion. The split underneath is what traded. Does a flat tape on triple witching tell you anything?
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Comments

  • pizzi
    06-29
    pizzi
    SMH still looks like a reset, not damage. If flows turn back late July, semis can rip again no?
    • Options777: 
      not sure what does damage means here but SMH is still moving above 30 and 50 day Moving average. the momentum is still going very strong, semis just announced price increase from July onwards, so funds should rotate into Semis, hyperscalers and cloud providers will continue to suffer
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