In case you missed it... $INTC Intel has risen an absurd 53% over the past 9 trading days
It is now up over 200% since the Trump Administration purchase @ $20.47 Source: Trend Spider
This chart says it all: US tech valuations have compressed from 40x to 20x Forward P/E in weeks.
Tech valuations are now LOWER than they were when ChatGPT was announced. As the Iran War drives markets lower, AI is only getting bigger. A buying opportunity? Source: Apollo, The Kobeissi Letter
The S&P 500 was up for the seventh day in a row today - its longest win streak since Oct 2025...
Source: www.zerohedge.com, Bloomberg
S&P 500 YTD total return: +0.0%
After all that ... it’s like nothing ever happened. Source: Charlie Bilello
Meanwhile... Software has continued to lag semiconductors, w/the software-vs-semis trade down another 7.5%.
That brings the weekly decline to 18%, as both sides of the trade moved further apart, pushing the pair to a fresh all-time low. Source: HolgerZ. Bloomberg
$SPX sp500 is back inside the range, trading roughly in the middle. Note the 200 day MA is right here.
Source: TME
Something weird took place the last week of March.
"Our retail cash platform finished last week net selling, the first such week since November 2025 ... retail has moved away from one-way buying behavior." (Citadel)
Goldman Sachs: "We have seen one of the weakest periods of relative returns for technology over the past 50 years."
Source: Brian Sozzi @BrianSozzi, Goldman Sachs
