Last hour: the S&P 500 is up 1.4%, but the equal-weight S&P is up just 0.8%. Chips are doing the heavy lifting.
→ Chip ETF (SMH) +5.7%, Tech (XLK) +3.8%
→ Small caps +0.9%, Consumer Staples +0.1%, Health Care −0.2%; VIX down 10% to 17.5
I think this rally isn't broad; it's being driven by a narrow group of chip names.
Into the close: A) Chips hold their gains and the S&P closes above +1% B) Worst case: chips give back half their gains and the S&P slips below +0.5%. Tell me in the comments.
#Stocks #Semiconductors
Watching: $SMH $XLK $RSP
→ Chip ETF (SMH) +5.7%, Tech (XLK) +3.8%
→ Small caps +0.9%, Consumer Staples +0.1%, Health Care −0.2%; VIX down 10% to 17.5
I think this rally isn't broad; it's being driven by a narrow group of chip names.
Into the close: A) Chips hold their gains and the S&P closes above +1% B) Worst case: chips give back half their gains and the S&P slips below +0.5%. Tell me in the comments.
#Stocks #Semiconductors
Watching: $SMH $XLK $RSP
