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To: robert b furman who wrote (1116)	9/19/2012 1:11:58 PM
From: The Ox	Read Replies (1) \| Respond to of 8239

I wouldn't classify SMH as a reversal watch. The chart is relatively flat for the past 2 months after a strong move up from the July double bottom test. The run off the lows in the 29s was quick and powerful. I certainly agree that there is a great demand for the newest chips out there. But the SMH covers a lot of companies, many are not currently hitting on all cylinders. With many of the major companies in the SMH in downtrends or flat lining, hard to see it rallying big from here. Maybe there will be a change in sentiment during the next earnings period approaching in Oct.?