The Semiconductors HOLDRS Trust (AMEX: SMH) has been rock steady during the past few weeks, despite the market's volatility.

In a surprising move, the semiconductor sector has been acting fairly well as a group of late. Sure, there have been bumps along the way, such as Texas Instrument's announcement of poor performance in the future.

But, SMH has held up quite well during a very turbulent period for the market.

What does this say? Well it could be saying that the sector is sold out and that value players are starting to move in. Or it could be saying that nobody cares about chip stocks any more, and that they are no longer trading them as much, so the prices are holding steady from buyer and seller apathy.

Both arguments are actually fairly bullish, as they suggest that prices in this sector are starting to form a base. And from bases, bull markets spring.

Our tech timing system has SMH as an open long right now.

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