$NVDA

S&P +0.1% last wk, masks the troubles under the surface with oil +10% to $105 & 2/30 yr bond yields +18 bps. I said last wk in multiple interviews that either oil/ylds are wrong or the stock mkt is. Much like on Friday, I am expecting more convergence this wk. Both April CPI & PPI came in higher than expected last week stoking the fears that the rising oil prices from the Iran war which started in late February is now impacting inflation. In addition, there was some troubling developments in the semiconductor sector which has spearheaded the recent 18% rally in the S&P with a 69% gain in the SOX index from March 30th to Thursday May 14th. The Korean Kospi, which had been up 89% ytd through Thursday led by memory manufacturers Samsung Electronics +143% and Hynix +201% had its biggest intr