After a couple days of meme-crazy, we are back to status-quo: semis leading us higher to new highs. QQQs +1.5%; SOX +2.6%; SPY +1.1%.
Yesterday, we pointed out some tea leaves that left us thinking semis would drive us higher today and that turned out to be true. Lots of new highs today. Seasonality continues to hold this year for Semis: April was weak as its the 2nd weakest seasonal month, May is the 3rd strongest seasonal month for semis, and July is 2nd. All eyes on NVDA next week.
Strong action throughout most of Tech, even strength in sw helped by some solid prints by MNDY and DV. BTC ripped +8% and yields fell 8-10bps
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