CLOSING THOUGHTS

FWIW, if anything, the SMH outperformed the QQQQ and just about all major market indexes on a relative basis and the SEMI's should lead the market higher when it does decide to head up.

My guess is today was a bit of an overeaction to the homie numbers and the Iran news, so I expect a bounce back tomorrow although the gap on the QQQQ to the 37.75 is still on my radar.

The 129.30 level on the SPY has held and that corresponds well with the 1290 number on the SPX and the anticipated level of support.

Unfortunately, the VIX/VXO tandem continues to trade under their 10 day SMA's as most appear to be of the opinion that volatility will not be a key word until ALD or after Labor Day.

And why does CNBC care so much about Frank Quattrone, is this helpful to a trader/investor or anyone trying to make money watching these "journalists" all day?