Semiconductors HOLDRS (AMEX: SMH) has not buckled lately, despite the market's failures at the S & P 500's 1400 area.

Relative strength can be elusive in a market that is trying to hold up after bottoming out. Yet, the chip sector is doing just that, and SMH is a good way to play the sector, when individual stocks are not necessarily all that attractive.

The sector is being supported by higher demand for chips and pricing power, as companies are starting to capitalize on demand.

It started with flash memory, but it has started to work its way throughout the chip spectrum, and book to bill ratios have been showing improvement.

The key, though, as for the rest of the market is what SMH will do at its 200-day line. A strong, sustained move above that key technical line would be a welcome sight for the chip sector bulls, who haven't had much joy in several years.

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He is the author of four books: "Futures And Options For Dummies," "Successful Energy Sector Investing," "Successful Biotech Investing" and co-author of "After-Hours Trading Made Easy."

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