TMTB EOD Wrap

Good afternoon. QQQs -1.9% as the momentum/AI semis sell off continued with semis falling 4.6% while software/internet were flat to up. Semis were down 7.5% at one point early in the morning following Korea down after the underwhleming Samsung print but managed to rally back in intraday action that was opposite of yesterday’s.

Yesterday semis opened strong but underperformed throughout the trading day, trailing QQQs by 1.5%+ after the open. Today, semis outperformed QQQs by 2.2% after the early morning lows. Similar to how yesterday’s action was a tell for today, we think today’s action is likely a tell for tomorrow. How are we seeing things?