Note the chart below showing the relative performance of the Taiwan ETF (iShares) vs. EPP (MSCI Pacific ex-Japan), as well as the SMH vs. SPX. Taiwan is comprised of a relatively large market cap of semiconductor shares. Recent relative strength of Taiwan (since mid-June) and consistent strength of SMH (which has held up well during this recent correction) is a sign of internal market strength in technology and a positive leading indicator of an eventual recovery.
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