Warsh Turns Hawkish, Semis Distribute, Gap-Fill Bounce Started

The session has been all over the place. An early theme is a Mega Cap-driven rally with Semiconductor weakness (which is notable after Thursday’s negative 3C divergence in SMH ). Since Warsh, rising Treasury yields and increased rate hike odds are weighing on the broader market. Warsh… Speaking at the Jackson Hole Symposium, Fed Chair…