1. The Weekly Initial Claims number jumped to 965K. The expectations were around 780K, so this is a very negative number. Obviously, new lockdowns are likely the catalyst for this higher number in weekly initial claims. Continuing claims for the week ending January 2 increased by 199,000 to 5.271 million. If interest rates go higher, could be an interesting challenge in the year ahead. Rates will continue to climb.

2. Semiconductor stocks are very strong today on the back of earnings from Taiwan Semiconductor (TSM) and numerous upgrades from Intel (INTC). Today, the semiconductor ETF (SMH) is trading higher by 2.3%. As long as the semiconductors are strong there is usually nothing wrong. When the semis are strong there’s nothing wrong. When the semis are down you better bail. Intel had lots of upgrades. Don’t forget options ex Friday.

3. Gold/Silver flat day basically. Nothing significant. Silver up a little. They’ve gotten the prices where they want them and on to the next round.