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They were followed by pharmaceutical company Novo Nordisk  and lender ING Group , which were up 3.5% and 2.9% respectively.The decliners from continental Europe were led by internet browser company Opera  and petroleum refiner Equinor , which dropped  2.3% and 1.5% respectively. They were followed by telecommunications companies Nokia  and Ericsson , which lost 0.8% and 0.7% respectively.The gainers from the UK were led by hospitality company InterContinental Hotels Group  and biopharmaceutical company Bicycle Therapeutics , which advanced 4.1% and 3.1% respectively. 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June 22 turned out to be the all-time high on both the iShares semiconductor exchange-traded fund and SK Hynix, perhaps the sector bellwether after its meteoric rally of the previous year.Michael Cembalest examines what he got right and what he got wrong in his latest note.Within five weeks, the SOXX ETF SOXX tumbled almost 30%, SK Hynix  more than halved and other chip companies like Taiwan Semiconductor Manufacturing Company  and Micron Technology  dropped sharply in value.How did Cembalest, the chairman of market and investment strategy at JPMorgan Asset Management, manage to time the peak of the memory trade so 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The Philadelphia Semiconductor Index rose 1.98% in August, staging a modest recovery from a sharp 20.61% correction in 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