from a major canadian bank, interesting comment on semiconductors:

The day before the election in 2016 we noted: "the conditional elements were in place for a trading low to be put in place over the next few days.. the stock market only gives you an opportunity this great about once or twice a year. (Deep oversold readings across the board in short-term indicators.) Investors should be accumulating stocks aggressively here." Six months later the S&P 500 was 14.6% higher and 12 months later if was 21.7% higher.

This time around the macro situation is wildly different as we've recently seen major technical breakdowns in European and Asian stock markets, commodities across the spectrum (most recently the WTI crude oil contract) breaking down, and significant deterioration in market-based measures of economic activity such as copper, semiconductors, and the South Korean stock market.

Even this latest strength in the S&P 500 - the biggest 5-day rally in more than eight months - appears to be countertrend in nature. NYSE breadth has been noticeably flat and volume has contracted significantly as the rally has progressed. This is not the time to be aggressively ramping up risk like it was before the 2016 election. In fact, it's just the opposite.