I have noticed recently that the bulls have managed to scare the one or two surviving bears left on the planet by bidding the market up early on but, in short order, they lose the baton and watch the market sink. It happened again this morning.
You can see this broader weakness playing out in semiconductor land. Nvidia has, in just a few weeks, lost 25% of its market cap, and my prediction of a trip to $96, which seemed like unhinged lunacy before, now seems nearly inevitable.
I also am enjoying the bleeding out of ARM Holdings. Huzzah!
