The baton between the software and semiconductor groups keeps being shared for leadership. The last 2 weeks have been firmly in favor of the IGV over the SMH. This past week the IGV rose 1.3% as the SMH fell 1.8%, and the week prior was also noticeable bifurcation as the IGV jumped 3.9%, and the SMH was flat. There is also a bit of difference now in how far they are each off their recent highs with the IGV down 3%, and the SMH by 5% from their peaks. Is there going to be a big unwind of the value vs growth trade going forward, which seemed to be firmly in favor of value for the first time in many years? This past week the VTV plunged 4.2%, while the VUG rose fractionally. One week certainly does not make a trend, but it feels like many have been positioned heavily slanted in value. Of course, if that is the case both software and semis should benefit. Technology was the only major S&P sector to advance this past week, albeit marginally. Software names that stood out this week up between 8-10% were TWLO TEAM DOCU NET and DDOG. Their relative strength should not be taken for granted.