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Craig Shapiro highlights key developments in the market as of Tuesday, May 19, 2026.
He notes that semiconductor stocks are acting as a macroeconomic signal, with recent declines triggering record crowding, a lack of downside protection, and mechanical selling by leveraged ETFs. Shapiro points out that a 2% decline in these stocks can result in $4 billion of forced selling into market close. The BofA FMS is also referenced in his market commentary.
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Earlier this month, Shapiro noted that the ES reached 7,423 on May 8, led by gains in the tech sector as overall market breadth weakened for a second consecutive day, according to his recent commentary. He has also announced plans to discuss trading experiences from the 1999 to 2000 Nasdaq bubble in the context of current financial bubble discussions, highlighting ongoing market comparisons. Both topics continue to inform his observations on today's semiconductor volatility.