Good Friday afternoon. Yesterday’s trading was a bears worst nightmare and it looks to be repeating today. Bears are finally getting a sell-off in the hottest sector on the planet, as the semis fell as much as 3% yesterday (and then again at the open this AM), with market leader NVDA leading the way lower, now down 11% from yesterday’s opening ATH, as I write.

But instead of a steep market decline, the Dow Jones….led by deeply oversold value stocks…picked up the slack with a big 299 point move higher yesterday. The Dow has been higher today by as much as 130 points (down 30 as I write). Bears just can’t catch a break. There’s no way I would be short this market.

Yesterday’s big red candle in SMH & NVDA…both had over-sized "outside days” (often a technical sell signal)…will result in a binary outcome, IMO.

We’re either witnessing the beginning of an extended move lower in the semis, or a short-term speed bump. I expect it to be the later. A speed bump, on their way to much ...