The rotation trade continues to bite with chipmakers on the defensive ...Middle East

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The rotation trade continues to bite with chipmakers on the defensive
This is one of the most-unusual periods in markets I can remember. It's hard to pin down what's going on but consider this:The Russell 2000 is up 12% in five days. According to John Authers, in the last 30 years that move has only been exceeded by snap-back rallies following major crises: LTCM, Dot Coms, GFC, 2011 US debt downgrade and the pandemic. For a pure rotation, it's unprecedented.Bespoke notes that the Russell 2000 yesterday closed 4.4 standard deviations above its 50-day moving average. No other US index has ever closed at that much of an extreme.When you layer in that the Nasdaq is flat over the same period and the S&P 500 only moderately higher, it's even more strange. The 5-day

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