KKR is one of the world's largest alternative asset managers, with $577.6 billion in total managed assets, including $470.6 billion in fee-earning AUM, at the end of March 2023. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).

Things are starting to get ugly, with a smell of panic in Technology land as the "can't miss" semiconductor stocks are stinking it up. But at least the money fleeing those stocks is being moved into other areas of the market. The NYSE, Dow Jones Industrials, the S&P 500 equal weight, the S&P MidCap 400, the Russell 2000, and the S&P Small Cap 600 continue to catch a bid -- with most remaining near all-time highs. We had mixed results after the bell, with MSFT down 2.6% and AMD up 9%. MSFT had been hanging near its 100-day average while AMD had been destroyed in recent months. The most-loved semi, NVDA ($103.73) fell another 7% Tuesday and has given back 23.5%. But the stock is still up massively from $11 in October 2022. In our July 25 comment, we proffered that those looking to add/start a position in NVDA should note that there is an unfilled gap at $106.50, the 21-week exponential at $104, and another unfilled gap as well as the last breakout area at $96. So with pain comes opportunity -- and we have now entered a potential region of support. The iShares Semiconductor ETF (SOXX $220.58) has cratered almost 17% over the past 14 sessions, its largest decline in that time period since June 2022 (which was during a tough bear market for Information Technology). There is a cluster of support near $200, which includes the last low in April, trendline support off the lows since October 2022, and a 38.2% retracement of the bull market. Distribution days on the Nasdaq 100 (QQQ) and the SOXX continue to add up, as we count seven on both ETFs over the past 14 days. (Mark Arbeter, CMT)

Early last week, we talked about the broadening stock market, but noted that the expansion in outperformance remained within Information Technology. We have seen a pause in the leading semiconductor stocks, but a pop in computer hardware and software. We also have seen nice short-term moves in banks, with some breaking out of bullish bases. But it's the semis we are worried about for a number of reasons. The industry has been on fire, soaring by 31% since April 19; by 79% since October 2023; and by 165% since October 2022. There have been a few decent pullbacks along the way, which is positive as each pullback creates a bullish base and a platform that turns into chart support on the way down. The iShares Semiconductor ETF (SOXX) is 70% above its 200-week exponential average. That was exceeded only after the rebound from the pandemic, so we are in rarefied air. While the S&P 500, S&P 100, Invesco S&P Top 50 (XLG), Nasdaq, and Nasdaq 100 all have made all-time highs over the past five days, the SOXX has done so by a mere $0.31. The Van Eck Vectors Semi ETF (SMH), the Dow Jones U.S. Semiconductor Index ($DJUSSC), and "King Nvidia" have not. The SOXX relative strength (RS) versus the QQQs has been flat since early March, while the RS of the other two semi indices has been flat over the past month. The vortex indicator for the semi stocks is either just crossing into sell territory or is close. The last time this occurred was in late March and again in August to October of 2023, both early days in semi pullbacks. (Mark Arbeter, CMT)

Crude oil (WTI) looks like it is finally waking from its slumber, but Energy sector stocks have barely budged. WTI broke out of its bearish channel on Monday and has popped to $80.60/barrel, from a June 4 low of $72.48. The channel had been in place since early April, with crude bottoming in an area of chart support between $68 and $76. WTI also broke back above its 50-day average after losing it on May 1. The next potential resistance is at the $82 level, which represents a 61.8% retracement of the recent decline and is an area of minor overhead supply. The final decline in early June was a false breakdown -- and many times, these are bullish. On June 4, WTI cycled into minor oversold territory of 30 on the 14-day relative strength index, and that momentum indicator now is back above the midpoint of 50. Daily moving-average convergence/divergence (MACD) has turned higher and is very close to crossing into positive territory. While it appears the trend has turned, trend strength (according to the Chande Trend meter) is barely above neutral and the daily Vortex indicator is neutral. Longer term, it's possible that crude oil is tracing out a bullish base between the mid-$60s and the mid-$90s.