Dollar Support May Give The Market a Breather

Great video on the dollar relationship with the S&P500
http://stockoptionassassin.com/technical-analysis-2/dollar-support-may-give-the-market-a-breather/

Short Term Bull on SMH ETF

Looking at the daily chart of the SMH ETF since May, you can see its been in a range between $25.50 and $28.50. Its now at the bottom of the range. At the bottom of the chart you can see a huge buying volume on Friday giving it that nice reversal candle. Also the Stochastic had a crossover and the MACD is in oversold territory. I'm looking at the OCT 26 calls for $84. with a delta of $43. If this rises the expected 2 or 3 bucks, this will give you 80 - 100% profit. The moving averages are overhead and may act as resistance but by looks of the chart its been just plowing through them up and down. I'm more concerned about the $26.70 level. Any issues here then, I' may look to sell all or part of the position.
Later.
Trader Dad!