"The semis are now in their 4th 10%+ correction since early June"

1. CPI. "This is the diffusion of CPI inflation, measured similarly to Kevin Warsh's preferred PCE inflation diffusion metric. It's down."

2. Buybacks. "We are currently in peak earnings blackout, with just 24% of S&P 500 index weight outside repurchase blackout windows. That figure rises to ~55% by month-end, ~75% by November 3 (Midterm Election Day), and ~85% by November 9, as companies report earnings and trading windows reopen."

3. SPX streak. The S&P 500's streak of consecutive days without a decline of at least 1% ends at 53. It was the longest since 2020. See full dashboard here.

4. Semis corrections cluster. "The semis are now in their 4th 10%+ correction since early June. That's the most corrections inside a window that small since late 2002."

5. Revisions breadth. "Our diffusion indexes show that the percentages of S&P 500 companies with positive 3-month and 12-month increases in forward revenues and forward earnings have risen significantly during the bull market."

ICYMI