Market looks ready to do a much deeper retest and has none of the economic chaos that is coming is priced in. Arguably current valuations are doing the opposite of pricing in risk.
Among the other black swans out there, rates appear ready to leave the 4% range and shift up to 6%. Add in extreme leverage and remarkably poor breadth and Q1 earnings season is set up to be some kind of fun.
So not wildly positive on anything and even took profits on Quantum stocks, but the semis got a bit more oversold than the market so room to bounce as part of market rotation.
Spiking to new highs (or lows) is never a good look for earnings season and seasonality favors the rally but valuations were already driven wild by the many trillions of fiscal party juice and someone is gonna have a hangover.
Co-CEOs D-mb and D-mber (is Intel the new Blackberry?) won't speak of anything but unicorns puking rainbows, so getting the stock below the $18.50 cliff will take a sector and/or market shove and that sure appears to be about to happen. But that means it can rally along with the sector too.