Back on October 9, we started to talk about Information Technology waking up after three months of technical basing by some in the sector. We wrote the following. 'Technology was led by a few major semiconductors, including NVDA (+4%) and AVGO (+3%). NVDA has been tracing out a bullish continuous inverse head-and-shoulders, while AVGO has been forming a complex double bottom since the middle of June. Both are very close to completing these patterns and possibly breaking out to all-time highs. One concern about jumping back on the semi train is that we are not seeing other stocks completing bases and many are nowhere near highs. That can be rectified, but the strongest industry moves occur when the majority of stocks are participating.' Little did we know how prophetic those last two sentences were and in no way did we expect the obliteration that some of the semis got on October 15. ASML was destroyed, plunging over 16% after providing disappointing 2025 guidance. It was the company's worst day since the pandemic and, prior to that, during the IT wreck in 2002. KLAC plummeted 15%, and LRCX and AMAT both plunged 11%. Volume was huge and it almost felt like a capitulatory selloff. But those usually come after an extended selloff. Because the three largest semis held in there (NVDA, TSM, AVGO), losing only between 2.6% and 4.5%, the major semi ETFs (SOXX, SMH) fell only around 5%. While the major indices lost between 0.7% and 1.4%, NYSE breadth was only slightly negative at -157, this as the selling was concentrated in Information Technology, Energy, Healthcare, and Industrials. In addition, NYSE advancing volume/declining volume was neutral at 50%.

Goldman Sachs is a leading global investment banking and asset management firm. Approximately 20% of its revenue comes from investment banking, 45% from trading, 20% from asset management and 15% from wealth management and retail financial services. Around 60% of the company's net revenue is generated in the Americas, 15% in Asia, and 25% in Europe, the Middle East, and Africa.

Goldman Sachs is a leading global investment banking and asset management firm. Approximately 20% of its revenue comes from investment banking, 45% from trading, 20% from asset management and 15% from wealth management and retail financial services. Around 60% of the company's net revenue is generated in the Americas, 15% in Asia, and 25% in Europe, the Middle East, and Africa.

Kilroy Realty is a premier owner and landlord of approximately 17 million square feet of office space across Los Angeles, San Diego, the San Francisco Bay Area, Austin, Texas, and greater Seattle. The company operates as a real estate investment trust.