Themes Lab — 6/14 🧪
Top-down read on where capital is rotating across 180 market themes. RS leadership setups coiling at the 21dma-structure area.
LEADING THEMES (RS)
• Memory — RS 92 (#1)
• Semiconductor Equipment — RS 85 (#2)
• Power Semiconductors — RS 85 (#3)
• Foundry — RS 78 (#4)
• Electronics Mfg Services — RS 83 (#5)
Semis dominating the tape at 83% 3M — broad strength across Memory, Foundry, and Equipment with multiple leadership cohorts coiling together.
TOP SETUPS @ 21dma-structure area
•
$NBIS 98 — GPU Cloud & HPC
•
$CLS 98 — Electronics Mfg Services
•
$FLEX 97 — Electronics Mfg Services
•
$ANET 93 — AI Servers & Hardware
•
$GFS 92 — Foundry
•
$LSCC 96 — Analog Semiconductors
•
$FROG 91 — DevOps & CI/CD
•
$ST 82 — Analog Semiconductors (trophy carry)
•
$TSEM 60 — Foundry (trophy carry)
•
$ALGM 90 — Power Semiconductors
THEMES SETTING UP (full breadth)
Watch the themes where the whole leadership board is coiling at the 21dma-structure area together — that's where the cleanest follow-through tends to come from:
• Electronics Mfg Services —
$CLS,
$FLEX both setting up (2 of 4 leaders)
• Foundry —
$GFS,
$TSEM both setting up (2 of 3 leaders)
• Analog Semiconductors —
$LSCC,
$ST both setting up (2 of 5 leaders)
TAKEAWAY
Semis are the unambiguous leadership — Memory, Equipment, Foundry, and Power Semis all stacked at the top with broad breadth. EMS coiling alongside (CLS/FLEX) confirms the contract manufacturing read-through. Rotation to watch: Foundry breadth (GFS TSEM) for the cleanest follow-through.
By:
@TradersLab_