The Market Is Not Taking That Into Consideration

The semiconductors were up 2.6 percent and rallied aggressively into the close. They are at over one year relative highs to the S&P. And that's bizarre because everything that we've been seeing everywhere else, both in terms of the equity struggle, would indicate that the cyclicality in the market would be under some pressure. But you can't really explain the semiconductors move if you're somebody that believes that there's not cyclicaly in the market that hasn't been worked through.