Semis Circle

......the drain

....the drain

My bearish position in semiconductors is my anchor position in my options portfolio. I have been watching with great interest as semiconductors have been annoyingly robust in light of all the selling, but that seems to have fundamentally changed, aided by the breakdown of Micron (MU), one of my individual equity shorts.

This, coupled with overall market weakness, has created what I believe is what of the cleanest diamond tops I have ever seen in my young life in SMH, the ETF dedicated to semiconductors. I’ll say it again: CLEANEST I’VE EVER SEEN.