SMH has a little room to go but will come in HARDVanEck Semiconductor ETFBATS:SMHMurderHamberderAnytime SMH gets this far extended above the 200 moving average, a big correction follows. It may take some time (the average drawdown puts us in about the first week of December) but the move is fairly large. I am not short, and in fact have no position currently in SMH, but as we approach the upper boundary marked here, I will likely start looking at rolling hedges into Q3/Q4.