Semis Surge, Volatility Crumbles, and Bulls Charge

SPX perfection

Looks like Madoff drew the SPX trend channel since January, but note we are in the upper part of the channel...

Source: Refinitiv

Post FOMC chase

If you need to chase stuff post FOMC, semis have come down substantially since the upside panic we saw recently. Note the SMH is climbing back above the 21 day as of writing...and this hot space has lagged the overall market big lately. Semis space is much more prudent now than a few weeks ago (more here).

Source: Refinitiv

Time to scan for laggards?

The SPX vs Russell gap is huge...

Source: Refinitiv

AI wins

Strong earnings momentum among the AI winners.

Source: Barlcays

Puking protection

Skew index, SDEX, moving sharply lower again. Do we take out recent lows as downside fades further as a "worry"...

Source: Refinitiv

VXTLT

Another volatility index about to take out recent lows?

Source: Refinitiv

The bull in a pic

This has been one of the more aggressive bulls (volatility adjusted) in the SX5E...ever.

Source: Barclays

Dreaming of DAX drawdowns

The market is desperate for a drawdown...

Source: Barclays

TSLA - positive divergence

Poor price action and positive RSI divergence is something we like to watch closely. The inverse thing occurred and played out well in Q3 2022. More on Tesla in our thematic email here.

Source: Refinitiv

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