By Stephen Guilfoyle
Publication Date: 2026-06-05 11:55:00
You there…? We’re here. Zero dark-thirty. Friday morning. We made it. I don’t know about you kids, but to me, this week has sort of felt like pulling teeth. Painful and slow. On Thursday, trading volumes contracted on a day-over-day basis for a fourth consecutive session. The last day of impressive aggregate trade that this market experienced was the end-of-month session that brought May to a close. There was a significant selloff on Wednesday. That selloff more or less excluded the semiconductors. Then there was a modest relief rally on Thursday. Yes, that rally also more or less excluded the semiconductors. Psst, S&P and Nasdaq futures are weak again overnight. The Dow Industrials? Nobody has cared since the early 1990s.
Smells like a rotation. Long-term? I’ll not be going flat my semiconductor longs any time soon even if I will adjust position size according to the ebbs and flows of the algorithms that now control professionally managed money. I do miss the days when…
