By Peter Tchir of Academy Securities

Markets have been almost totally dismissive of the conflict in Iran. Frankly, the number of countries, including oil-rich nations, that had been firing at each other seemed quite high, yet most markets shrugged it off. While the Strait remained closed, or blockaded, or blocked, the market remained inOpen Sesamemode this week.

Artemis II wasn’t the only “moonshot” we’ve seen.

The SOX index has jumped almost 50% since March 30th. That would be incredible, but 18 straight days of gains is wildly impressive! (Even the NY Mets could only do the same thing 12 days in a row, but in the other direction).

The lower chart is RSI (Relative Strength Indicator and one of my favorite technicals to look at). This index went from the cusp of oversold, to heavily oversold, to overbought territory in 2 weeks and gets “more” overbought by the day.Every strong chip earnings report not only “skyrockets” that stock, but it also pulls up the entire sector.

The AI and Data Center Buildout narrative remains completely intact even as “war” rages. If anything, the need for domestic AI and Data Centers is growing as physical security concerns continue in the Middle East.

Quantum computing has bounced, but unlike the semis, it is not even at the highs of the year, let alone the highs from last year!

If you own a “quantum” ETF, you likely have seen far better returns in the past few weeks than this chart would indicate. But that is because the ETFs own a lot of semiconductors. QTUM (Defiance Quantum ETF), the largest “quantum” ETF at $4.1 billion, has TER as its largest holding. INTC, STM, and MU were the next largest holdings. So, I tried to identify 4 tickers from WQTM that seemed to be more “pure play” quantum.

We have yet to see a real breakout in Uranium and Rare Earths stocks.

REMX (for Rare Earths and Critical Minerals) and URA have bounced, butUranium is still lower than it was before the war.If you look at the “small reactors” which were all the rage, their chart looks a lot more like the chart from the quantum stocks. Even in rare earths,names like MP, which the U.S. government invested in, is more than 35% lower than its high last October.

Source: ZeroHedge News