It’s not the leading growth group that it used to be, but semiconductor stocks are still watched closely by macro investors.  And if you’ve been watching lately, you’ve seen a lot of red.  This morning, the Philly SOX Semiconductor index was down 19% from its recent highs just a few months ago, just one percentage point away from bear market territory.

Year-to-date, the SOX index is now down nearly 12% versus a decline of just 30 basis points for the broad S&P 500.  This is not the type of negative divergence that market bulls want to see.

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