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Nick Perry, who writes about ETFs for Schaeffer's Investment Research, likes the look of Semiconductor HOLDRs (ticker: SMH). He writes:

Chart Chatter - Semis Push Into Resistance

The chart of the Semiconductor HOLDRS (SMH) just caught my eye...

Smh

Created with SuperCharts by Omega Research

The SMH has pushed into the area near 35 that we have been watching for some time. This area served as support in late-2003 and in May 2004. However, it was violated last July and has since served as resistance. It is also worth noting that the 35 strike is the site of peak call open interest for both the June and July series of options.

A successful push above this zone would be an impressive sign of strength...

Source: Semiconductor HOLDRs (SMH) looking strong?