We noted in an NFTRH update that the Semi’s were conspicuous in their strength yesterday. That was a good forebear for today’s broad strength.  The Semi’s have been a leader since they brought the whole mess out of the late 2012 doldrums. Here is Semiconductor sector ETF SMH with an improbable (and very doable, market willing*) target.

SMH broke the neckline, tested it and popped.

*  It is highly doable assuming that our view that the bearish stuff is probably in interuptus for several weeks at least is correct.  In other words, it’s all part of the relief bounce scenario within a larger bearish picture.