Some sessions begin with a preordained determination that doesn’t change no matter what news or events happen once trading begins.

Two economic data points came in well below Wall Street consensus (more on them in tomorrow morning's commentary), which helps the rate cut narrative, but the market didn’t notice.

Or maybe it did.  My biggest concern is whether the Fed has already done too much damage.  I continue to warn the need for rate cuts in March is not bullish for the economy.

In turn, the Street loves accommodation, and it would even be wise to hunker down during a brief period of weakness as revenue and earnings would take an early hit.  It's too soon to know, but we did take profits on a Hotline position in part to increase cash in the model portfolio.

That’s today’s session and the selling in technology names especially in semiconductors.

• Intel Corporation (INTC) -4.5%
• Advanced Micro Devices, In. (AMD) -5.3%

Is the Over 65 Crowd Partied Out?

I’m seeing lots of commercials luring old folks to cash in their life insurance policies so they can take trips to places like Paris.

It’s anecdotal but it is compelling leisure names that benefited big time from over 65 FOMO are getting smashed today.

• Carnival Cruise (CCL) -4.8%
• Royal Caribbean Cruises (RCL) -4.8%
• Norwegian Cruise Line (NCHL) -6.3%

I still think the die was cast before the session, in part to good old-fashioned profit-taking.  Today’s session isn’t noticeable on the SMH Semiconductor ETF.

That’s how amazing the rally was last year.

If you weren’t sober this morning, I’m sure the cobwebs are fading now.

Hang tight- this will be an eventful week with implications for the entire year.