The battle inside tech Something is happening under the surface of the technology trade and most people are still watching the wrong half of it. Software is trying to take the leadership away from semiconductors. I have written about this in previous letters and the evidence keeps building. Chips carried this market for a year and a half, and every one of those runs eventually hands the baton to a different corner of the sector. Watch where the money goes inside tech over the next few weeks, not just whether tech is up or down. The rotation inside a sector tells you more than the sector does. Metals already turned Gold and silver have bottomed. I said it in the third quarter forecast at the end of June and the setup has played out. The dollar breaking down was the catalyst, and the miners have been leading spot for weeks

  Hey trader, Consumer Discretionary was the best sector last week. Energy leads on every other timeframe. A growth sector taking the one-week column while everyone is calling for collapse is the thing I’ve been waiting on. Here’s why that combination matters more than the Warsh headlines did. Consumer Discretionary Surges as Economy Teeters on Collapse? There’s a lot of negativity out there right now, understandably so. The momentum trade has gone through a historic collapse, and it took some money managers with it. Ask yourself this question – is that the type of thing you’d see at a market bottom or a market top? Both the S&P and Nasdaq have corrected for about 2 months. The S&P has been going sideways more than anything, but the Nasdaq managed to drop 11% from its all-time high. That’s a standard, run of the mill correction. Now, amidst all the chaos, you