Semis Once Again Showing No Relative Strength

The past few days I've been writing about the lack of relative strength in the semis and yesterday featured INTC.

 Once again, INTC is off on its own, wondering downhill.

Here's SMH (Semiconductor ETF), that's a waterfall on the opening gap.

Here's the SPY vs SMH (red) this a.m.

I think all the hawkish Fed talk this week has semis worried about rising rates which is a huge drain on many of these companies as they depend on borrowing for R&D. It remains to be seen if the market will show similar concern, I suspect it will.