This semiconductor move looks fake.


At the open, SMH surged to 582, and SOXX gained 3.6%.
Then it kept sliding all the way back to 573.
All the gains got completely wiped out.
NVDA only rose 0.7%—it’s not the one leading the charge.
AVGO followed with 1% too, but it wasn’t strong enough.
This kind of move is mostly likely pushed by passive ETF buy pressure.
Consumer is down in the corner; Financials are unmoving; Energy is only 0.3%.
Except for semiconductors, nobody else in the whole market is joining.
Dragging a one-legged cart won’t get you far.
I’m not chasing—this move looks like a false breakout.
SMH4.45%
SOXX5.22%
NVDA1.63%
AVGO1.86%
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