That being said, I was a bit surprised to see that we not only held this level in the early part of the afternoon but after the uneventful FOMC minutes release, we actually broke above it.
And in relation to that occurrence, we thought it better to exit our HIMX position with such a high potential for a pullback at that point in the day.
Additionally, as you can see in the IWM chart below, this key small stock index is lagging the overall market and a big time concern to the overall markets ability to rally.
So, we'll be watching eagerly to see how the IWM does above the key 110.20 level in addition to how the Dow handles life above this key 16,530 level this time around.
If all goes accordingly, we'll get a chance to re-enter HIMX should all the necessary conditions line up.
We firmly believe in the mantra "Better safe than sorry".