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Pre-Market Briefing: Semiconductors (SMH) -3.5%

Economy | Geopolitical

Oil (WTI) – +3.3% – above Kijun —> Today Iran noise ‘matters’ again.

Semiconductors (SMH) — System a bit early late last week – alas the ‘out of no where’ gap down —> on eve of big tech reports.

We got a signal from SMH yesterday with outside 2hr red candle.

UPS —> System execution confirmed – stock down 4.8% on earnings – despite headline top/bottom beat. Oil not helping reaction.

Possible re-entry situation —> back on watch list

Both firm pre-market. No change to execution plan.

373 – 385 inflection zone remains.

—> on watch for early reversal. Continued patience for scale-up

System holding NKE (retail) exposure —> Oil strength creating renewed consumer headwinds

—> going to pause on SBUX earnings plan

—> will track as a paper trade

Do Less. Execute more.