Shares of the semiconductor ETF (SMH) surged higher for today on the back of Intel (INTC) earnings. This was a new all-time high for the sector ETF. While investors were giddy, the stock chart signals a dead short trade for swing traders. This is based on a major hit of an up-sloping trend line. Each of the last two times the SMH hit this trend line, it pulled back sharply. In addition, the RSI index signals a major negative divergence. Based on the two previous pullbacks on the SMH off this trend line, a likely pull back of 10-20% is in order.