Happy Independence Day from Market Chess!

(Pictured above is a photo from New Your City on July 4th, 1912, Independence Day Parade)

At times, the stock market can seem like a neverending grind. The market never closes for anything remotely close to a full week. And even three day weekends are rare. 

Thus, when we have a major holiday like Independence Day fall during the middle of the trading week, it serves as an excellent time to take a step back and quickly recharge your batteries as a market player amid summer trading--Even a half day away from your screens can do wonders to clear your mind and reset yourself emotionally and physically. 

Beyond the fireworks, barbecues, spending time with family and friends, of course, is the celebration of our unique ability to live in a country where we actually have the right to life, liberty, and the pursuit of happiness. I recognize that may seem like lip service or pie-in-the-sky idealism. But it remains true. And this holiday always brings that home to me, which is something I never want to take for granted. 

Turning back to markets, briefly, one concept we will be discussing for Members is the continued weakness in the semiconductor space (see Micron's weakness on Tuesday, for example). If the SMH (ETF for the chips) does not hold its 200-day simple moving average, where it currently is churning on its daily chart, bulls are certainly going to need other parts of the market to step up in a major way to avoid having the leading chips drag most sectors down. Some consumer names are trying to do just that. But I will have a closer eye on the chips going forward than usual. 

For now, Happy Fourth of July and enjoy the fireworks.