The Artful Smoke Break

Even while the broad market has essentially taken a smoke break since last week, we have some nice action going on in the semiconductors this morning, not to mention select momentum names, and even the Al Bundy trade we talked about in the retail shoe space (BWS CROX DSW, etc).

As far as the broad market is concerned, our updated 30-minute S&P chart below indicates we remain in a range dating back to last week’s reversal. 1655 (purple line) is the middle of the range, and until we break one way or the other it could easily be a stock picker’s tape, albeit one with fades either way.

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