Good Tuesday morning. Heads up: I'll be on Real Americas Voice tonight in the 10 PM EST hour with the great Wayne Allyn Root and his new hit show “The Root Reaction”. Hope you can join us!

We’re Witnessing a (Healthy) Overbought Reset of Semis/Tech/Growth

Here’s what I wrote last Thursday:

"The semis (SMH) are going parabolic and nearing our most overbought designation, “extreme overbought on steroids” (EOBOS) with each of our momentum oscillators nearing extreme overbought levels. We continue to believe that this is “that” bull market and that the semis will continue to lead higher. Once we get an overbought sell-off in SOXL, we will once again add another full position size. We intend to do this for “years”. 

"Yesterday’s big red candle in SMH & NVDA…both had over-sized "outside days” (often a technical sell signal)…will result in a binary outcome. We’re either witnessing the beginning of an extended move lower in the semis, or a short-term speed bump. I expect it to ...