One of the major drags on the broad market lately has been the poor performance of the semiconductor sector. Because the semiconductor sector is so heavily weighted within the Nasdaq, this bears notice. Unless the semiconductor sector gets in gear, it will continue to hold the Nasdaq in check.
There is reason not to become too enthusiastic about further near-term erosion in the Japanese currency unless the BOJ has embarked on a consistent policy of weakening its own currency.
The iPath S&P 500 VIX Mid-term Futures (VXZ), correlated to the CBOE Volatility Index (the "fear index"), which frequently moves in the opposite direction of the broad market, has come into major support of the lower channel of its multi-month "pennant" formation.
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