Make absolutely no mistake about it, Friday was the most bearish day of 2024. There was a bearish engulfing candle on MASSIVE volume in the semiconductors area ($DJUSSC), and this group has been BY FAR the biggest single reason why our major indices have advanced as much as they have. Check out this chart: That’s a NASTY bearish engulfing candle on the semiconductor chart. And the reversal occurred on the second largest volume of the past 6 months. I believe today’s open marked a very significant top on the DJUSSC. That doesn’t mean the overall market rally has ended. But I do expect to see other areas of the market lead the next advance. At a minimum, I’d expect at least short-term consolidation or selling among semiconductor stocks. That’s not a bad thing, it’s a necessary thing. Continuing higher in parabolic fashion would only end in a much more substantial…
