One last market thought before the weekend: Good news: $SMH just closed at new ATHs 🟢📈 Bad news: Semiconductors, infra, and hyperscalers saw a wave of FOMO call buying today. Late chasers. Then into the close large hedges and bear spreads hit the tape on semis. Makes you wonder.. Is the most entertaining outcome now to trap the late chasers, right after most puts lost value and many gave up on protection? Dangerous territory short-term with OpEx week coming next. A sharp rejection from these levels wouldn’t surprise me.
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