One of our favorite bellwethers, the Semiconductor Index ($SOX), isn’t giving much of a tell these days. Recent carnage of bulls and bears trading this vehicle are likely to have created a game of “you go first.”

Seeing as how the Semis tend to endorse broader market trends, we’re looking at this environment as a risky one for bulls, despite the fact that the Semis remain in a technical uptrend as the $SOX hugs its 50-day moving average.