Jul. 6 at 11:26 AM
$SPY $QQQ $SOXX $MU $MAGS
My message is a balance. I expect a drawdown somewhere in the back half, and the froth in future earnings estimates plus the broken semiconductor uptrend argue for patience in the most extended corners. Yet the reasons for optimism are real and stacking up, with ISM back above 50, earnings still accelerating, oil below pre-war levels pointing to falling inflation, a dynamic Fed, and underinvested managers who may have to chase.
So I am leaning into the broadening rather than fighting it. I favor the Magnificent Seven and software within tech, where value has opened up, and I am overweight healthcare, insurance, financials, and industrials, the sectors quietly making new highs while the chips consolidate. I would let the semiconductor decline play out before adding there. The bull market is transitioning, not ending SEE MORE BELOW
https://dansheehan.beehiiv.com/p/down-to-ten-men-and-still-standing
