Highlights
- We remain bullishly positioned, especially in Semis and IT Hardware.
- That said, semis have become elevated above trend to a degree not seen since March 2000.
- At the same time, short-term breadth participation has begun to thin out following the S&P's more than 17%, 28-day surge since March 30th.
- We are still willing to initiate new long positions given proper setups, but we also maintain a robust short book due to the longer-term. . .
