After announcing earnings last night, Intel is up almost 7% as of this writing today.  As such it has sparked a rally in the semiconductors that led the SMH ETF to break above its 50 day movnia average and above the key 61.8% Fibonacci retracement level.  Individual names like CY and AMAT still have their bearish patterns in tact however.  The action in SMH is important to watch as I've mentioned several times the past few weeks…coupled with the financials (XLF).  I will watch how SMH closes today before drawing any further conclusions, and even then it would need follow-through and receive better sponsorship from individual semiconductor names in order to be a better tell for a continued broader market rally.  

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