Shaking My Head (SMH) At The Bears

You bears had visions of unicorns and glitter, with the fiscal cliff looming, however there is one thing you forgot, SANTA CLAUS.

Looking at the SMH, the semiconductor index, a barometer for the stock market, one could argue that this move is just getting started:

This is a pretty significant breakout, one that looks similar to the $FXI. Now we may need some back and fill here, as the last few weeks has been up in a straight line, but this is a pretty powerful break.

I will be watching this going forward to see if the rally has legs.