Semis Dropped 6%. Is The Momentum Party Over?
The "Momentum Monster" finally hit a speed bump
Semiconductors were hammered yesterday, putting the market's favorite trade back under the microscope. The question is no longer how crowded momentum has become. The question is whether the unwind has begun. After a four-sigma surge and record crowding, investors are about to discover whether momentum was driven by fundamentals—or simply momentum itself.