In this week's episode, David Zarling, Ian McMillan, and Kevin Firari discuss Nvidia performance versus Semiconductors and the broad market as a whole, areas of the market that are underperforming, equal weight S&P 500 (RSP) out to all time highs, recent AAII survey results, interesting names within the Nasdaq that are performing well, fixed income, and potential rate hikes.

In Episode 299, David Zarling and Ian McMillan break down a market that remains heavily driven by semiconductors, with tech and energy the only sectors above their relative 200-day lines versus the S&P 500. They discuss the dominance of AI-related leadership, emerging markets’ semiconductor exposure, Apple’s relative strength, and whether software could benefit from a rotation if AI enthusiasm broadens. The conversation also weighs growing warning signs beneath the surface, including weak breadth, rising rates, struggling financials and homebuilders, and the possibility that the market is either setting up for rotation or becoming increasingly vulnerable after a narrow advance.

In this week's episode David and Ian discuss the areas of the market at all time highs, including the Magnificent Seven, and how bullish it is for market participants being willing to buy at all time highs. They also discuss international areas that continue to perform well, whether we are witnessing a similar period to the dot com bubble of the late 90's and early 2000's, along with other macroeconomic narratives that are at play, and how the narratives truly don't matter at the end of the day.