If Semiconductors actually completed this massive top relative to the S&P500 then bull market cancelled.
Period.
For me, it was that simple. This is one of the largest and most important industry groups in America, and the rest of the world for that matter.
Losing Semi's would be like losing one of your legs. You wouldn't be able to walk anymore.
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Here is the chart that has been front and center for us. These are semiconductors NOT completing a massive top relative to the S&P500, and instead ripping in the bears' faces:
The Semiconductor Index hit the highest levels since July yesterday. And on a relative basis, closed at new 2-month highs.
Sector Rotation is the lifeblood of a bull market. We've seen it this whole time since 2022 - very consistently, I might add.
And so with Semiconductors actually DOWN over the past 6 months, in the middle of a bull market, now is the time for them to rotate into Semis.
And they are. Look at Nvidia, the bellwether of the group, completing this massive base and hitting new all-time highs this morning:
If one of the most important groups are getting rotated into, after fading away during the back half of last year, do you really believe that this will be the last industry group to pop?
I do not.
I think there's a lot more coming.
We discussed which ones last night, and more importantly, what we're doing about it.
