Good morning,
The market (ex-semiconductors) finally took a week off last week, and that gives us some breathing room to zoom out and look at where the big picture stands four months into 2026.
We’ll review the technical picture and major trends for equity indexes, styles, fixed income markets, and more, but we can’t do that without talking about semiconductors.
And while that might seem like a tactical story (the current 18-day win streak is the longest in history), perspective and the big picture are more important than ever here.
As today’s report will show, semiconductors are experiencing a buyers frenzy that by some metrics even exceeds the madness of the dot-com bubble. That doesn’t mean they are a short or to sell all your holdings today. The title of last week’s report was literally, “We don’t fight trends.”
But recognizing the environment is paramount to our investment strategy, and risk needs to be managed amid any unsustainable advance.
This week’s sections include:
Equity markets
Fixed income and currency
Semiconductor madness
Oil and energy markets
May seasonality
Two keys to this week
and more!
