Stock market and technical analysis: the biggest foreign IPO in US history arrived today as SK Hynix (HXSCF) started trading in the US. Tim Knight sees it as a marker for peak semiconductor froth. The ES is near lifetime highs and close to breaking out of a range that has held since early May, but the NQ is not even at the halfway point of its own range. Semis are his biggest sector concentration with shorts in AMAT, AXTI, Marvell (MRVL), Micron (MU), WDC, and new entries in South Korea via EWY. SpaceX is grinding near its lows and Tim says the thrill has left the building. The selling has not even started yet.
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