BEARISH ON SEMIS BUT AND…

Our changing of the guard theme continues.

We remain bearish on SEMIS for now as it seems that last move up was climactic and only seeing distribution here. We think the same for a decent sized list of past growth leaders though some still acting fine.

That said, big money flows continue into HOUSING, FINANCIALS, TRANSPORTS, RETAIL, A BUNCH OF DOW NAMES and to a lesser extent, OILS. We also add in STEEL turning up.

The FED will raise rates a whopping 1/4 point tomorrow to a whopping 1.25%. But pay no attention to the talk they are tightening. They are way behind the curve and have Europe and Japan doing their bidding now as both continue to have negative rates and both continue to print money.

You are now seeing some of the outcomes of assinine, assiten, asseleven easy money. Bubbles pop up everywhere and in different forms. Not until they get loudest and suck in ALL THE MASSES do they bury everyone. We will have more on that this week.