Semis Bounce; Markets Still Sick

Very strange tape today with the Russell down sharply and breadth at only 35%, yet all of the ‘cool’ semiconductor stocks are up. In addition to the semis, we have solid action in cryptos and the cryptos miners, select software stocks and everything else the fuck lower.

If you’re buying into this rally in the semis you are counting on strong hands to see it through, with the backdrop of HEINOUS pin action everywhere else. I took liberties to move to cash, other than 6% positions in $TSM for the semi strength barbell’d against a 6% position in $TZA to take advantage of the vanguard on the way lower.