Powell has put booster rockets on equity markets for most of this month, but an objective look at the semiconductor index reveals an important truth: this sector is broken and broken badly. A failed channel. A broken recovery trendline. A clean gap down. And, most recently, a retracement back to just beneath the same price gap. This sucker is just itching to plunge.

Here are some specific suggestions with a new one, Rambus, that I just stumbled upon with a superb head and shoulders topping pattern.

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