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Long semis? Careful, the ride could very well be over for investors long the semiconductor (SMH) space.

After what Hedgeye Technology analyst Ami Joseph calls a “goldilocks period for the past seven years or so,” increased volatility in the space is making for a much more dangerous investing environment.

“I don’t know if the bad stuff is over,” Joseph explains in the clip above.

“You’re going to dance around data points if you’re going to be looking at bookings and looking at who are the early movers and the late movers. So, you could play some three-week long. But if you look out ahead, the cycle we have ahead of us for the next five years is nothing like the cycle we’ve had for the last five years.”

Joseph adds that a divergence in some semiconductor stocks – like between Intel (INTC) and Microchip (MCHP) – is one sign that the bull run could be over.

Watch the full clip above for more.

Why 'Goldilocks' Period For Semiconductors May Be Over - real time alerts