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From the Market Ear:
SOX – from sexy to soggy
Over the weekend we flagged the risk of a massive SOX double top. Today, that risk is starting to materialise. SOX is slicing through the 50-day and slamming into its longer-term trend line. Lose this level and the downside gets ugly fast, with the 200-day still far below.
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Just in time
Hedge fund positioning in North American semis got back to peak levels just in time for the biggest SOX puke in a very long time.
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No bueno
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.