Compelling Narratives

A lackluster start to the week was blamed, in part anyway, on underwhelming data out of China. A relative dearth of news made conjuring a more compelling narrative difficult, unless you wanted to pretend markets care about geopolitics (they don't) or that a sky-high read on the Empire prices paid gauge exacerbated inflation worries (it didn't, everyone is already worried enough). Semis are in a correction (figure below) and tech continues to waver on the prospect of higher yields tied to a run