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Decision Time for the Semi Complex

Yesterday’s edition mapped three hard-asset ladders rung by rung; today the page turns back to the complex that has carried this market, because its chart has arrived somewhere specific.

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Thomas Look
Aug 25, 2026
∙ Paid

All four US semiconductor ETFs — XSD, SOXX, SMH and SMHX — closed Monday sitting back on the rising trendline drawn from their April lows. Four different construction methods, four different weighting schemes, one shared line.

That is why a four-panel grid runs with this edition rather than a single chart. When an equal-weighted small-and-mid fund, a meg…

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