Semiconductors ($SOXX $SMH) look technically wrecked right now. Charts are ugly.

But wouldn't shock me if we see a bounce tomorrow or Friday. Not calling THE bottom—hell no. Just saying we could get A bottom, maybe as soon as tomorrow.

Full disclosure: I said the same thing yesterday after AMD earnings, so take that for what it's worth.

Short-term relief rally? Maybe. Reversal? Probably not yet.