The semiconductors for a while were doing most of the “heavy lifting” in the tech sector, and of course, I say that lightly because not much has really been working in the space. But we are starting to see a nascent move in favor of software versus the semis as over the last 5 days the IGV has gained 3%, while the SMH has lost 1%. Over the last one-month period the IGV has risen 4% compared to the SMH up by half that at 2%. Now relatively speaking that is a decent gap in performance but obviously, they can both can be going lower on an absolute basis. And the trend, although sloppy, is still to the downside but one has to keep an open mind to all possibilities. Looking at the chart below of the IGV, it is in the penalty box until it can get above the very round 300 number. The second-largest holding in the fund MSFT warned last week but barely budged in the mild tech selloff Wednesday. Elsewhere in tech recently NVDA and SNOW also shrugged off weak news, but WDC could not today. Something to watch if the reactions are going to turn back sloppy again.