Market Notes for 1/22-1/26
Recap of last week: Our outlook last week was cautiously bearish, and it seemed promising on Tuesday/Wednesday as the market dropped more than 1%. However, we witnessed a strong rebound on Thursday/Friday, which nullified the drop and resulted in new all-time highs. The market gains this week were mainly attributed to semiconductors after a robust earnings report from TSM triggered significant FOMO into the sector during the last two days of the week. This momentum helped propel the market to new highs, even though market breadth was weak.
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