Highlights
- Market averages appear calm, but sharp internal rotations are occurring, with AI-related industries plunging while areas like staffing, refiners, and exchanges surge.
- Overall market structure remains healthy; leaders are now oversold and testing support, making selling less attractive and selective buying more compelling.
- Semiconductor stocks sit at critical support. Holding here could easily restart the AI trade; failure would favor rotating into new leaders and targeting weak leaders on rebounds.
- We expect a rally either way...what we do into that. . .
