Canary’s Canary Stopped Singing

The Semi’s are a canary in a coal mine for the broad market.  The Semi equipment stocks led the general Semi sector out of Q4.  The Canary’s Canary seems to have gone quiet.  Meanwhile, nominal SOX has been weak relative to the broad market.  With a leading indicator on a leading indicator gone negative maybe we get an early early warning.  Or something.

Meanwhile, maybe market bulls steadfastly pumping an ‘organic’ (ha ha ha) economic recovery will buy the dip.  Just keep looking at your nominal S&P 500 little bulls.

AMAT-SOX ratio daily chart

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