Intel (INTC), after announcing earnings last week rallied hard and by so doing broke a very bearish chart pattern that was in place…which by the way is exactly why at TheSteadyTrader.com we always exit positions ahead of respective earnings reports.  

If the semiconductors can get going here we have one additional important point that would credence to the thesis of a further rally in the S&P 500, possibly above $1400.  If the semis start giving back much of their advance from last week we would again look at the industry as a potentially early warning signal of a cyclical top being near.

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