Not many words. Mostly pictures.
On the daily view AMAT & LRCX continue to break down vs. both Semis and Tech. This is theoretically our cutting edge of a leading cyclical indicator, which is Semis/Tech.
Palladium (weak nominally again today) is continuing its drop vs. Gold.
Beneath the surface the market appears to be voting ‘NO’ on the economy and potentially the markets, happy State of the Union or not. Insert here all due words about patience and perspective. But the indicators are what they are at this time. The Semi indicators especially are notable because a breakdown on the daily views continues to pressure the weeklies, which have been grinding out a trend change from up to down.