Markets and Macro Update

The market remains in a primary bull trend driven by a parabolic semiconductor rally, despite heightened geopolitical risks in Iran and elevated sentiment indicators suggesting near-term caution.

Key Takeaways

• 1.Global technology stocks, specifically US semiconductors, are in a parabolic rally with the SOX index up 39% this month alone.
• 2.Geopolitical risk remains high due to the Iran conflict and its impact on global energy supply, leading to a Brent crude price target upgrade to $90.
• 3.US equity sentiment is at elevated levels (1.5 standard deviations), a historical signal for potential below-average returns in the short term.

Table of Contents

• headed into a big week, a short take on the market
• six additional short points from the weekend reading

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