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At the close, I glanced at semiconductors - down 4.7%—a bit outrageous.
The Dow rose 700 points, and banks and financials are all being pulled up.
Not panic—money is just moving.
Ever since early July, semiconductors have been underperforming the broader market, and there were signs.
Today is the acceleration.
XLF was just about to break its 52-week high.
Banks have been strong for two weeks; chips only just started sliding.
This round of rotation probably isn’t over yet.
I’m not buying semiconductors—I’ll first see whether banks can keep it going.