QuiCQ 20/03/2024

Keep your SOX on

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"Give me a one-handed Economist. All my economists say 'on hand...', then 'but on the other..."

-- Harry Truman

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Yesterday, the S&P 500 hit its 18^th new all-time high (ATH) this year. What has changed recently however, is that semiconductor stocks as measured by the Philadelphia Semiconductor index (aka SOX, see chart below) did not accompany that new ATH. This could be good or bad. Good if a new leadership is developing (e.g. industrial stocks), bad if equity rallying is narrowing by failure of previously supportive market segments. For now, we will give the benefit of the doubt to the former (the good) interpretation, but that trendline (dashed) on the chart below is to be observed. Stay tuned …

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Disclaimer:

o Everything in this document is for educational purposes only (FEPO)

o Nothing in this document should be considered investment advice

o Investing real money can be costly; don’t do stupid stuff

o Past performance is hopefully no indication of future performance