Morning Market Report Jan. 26th, 2024

The Fed's preferred measure of inflation - Core PCE - came in as expected. The market opened flat on the news.

After hours last night Intel imploded, which follows the Texas Instruments implosion earlier this week. There is starting to be a clear bifurcation of semiconductor stocks between the AI "haves" and the rest of the semiconductor sector.

Here we see that the equal weight semiconductor index never confirmed this latest manic leg up on the AI rally.

In other markets, Bitcoin is backtesting the 50 day moving average. After which it will head straight for the 200 dma, lower.

Crude oil is backtesting the 200 dma.

It appears that we are at the end of yet another Ponzi rally.