Yesterday was another very exciting session. Although doomed out of the gate, there was never a sense of panic, except for folks' long software (IGV) names. Industrials (XLI) continue to look attractive, and semiconductors keep powering higher.

I like the way Industrials are building a base right above the 50-day moving average.

The iShares Semiconductor ETF (SOXX) has rallied 17 straight sessions and might be the most overvalued (on a short-term basis) in its history. 

Manufacturing Renaissance

Yet another measure of the manufacturing economy came in better than expected. The S&P Global US Manufacturing PMI posted 54.0 against the consensus of 52.4. So, it looks like “all systems go.”

Retail Found Their Dancing Shoes

Taking its cue from KC and the Sunshine Band, retail investors are ready to get down. Bullish sentiment surged, as bearishness continues to retreat.

After the Close

Intel (INTC) crushed it big time after the close, sending shares up 19%.

Today’s Session

Major indices are split with the Russell 2000 and Dow Jones in the red, while the S&P 500 and Nasdaq are moving higher.

Meta Platforms (META) signed an agreement with Amazon’s (AMZN) AWS to deploy Graviton cores to help run CPU-intensive agentic AI workloads.

Trump is reportedly set to extend the exclusion of energy shipments from the Jones Act, in a move to put further downward pressure on the price of oil.

Additionally, on the Iran front, the Iranian delegation is reportedly heading to Pakistan for peace talks.

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