Lam Research Corporation (LRCX)

Plus, reading tea leaves in the recent action in Apple and Salesforce.com.

There are still quality, reasonably-priced, tech companies out there, albeit with some risks attached.

Don't confuse what's happening on the S&P with the nation's economy.

Plus, the equity markets suddenly are trading quite listlessly and Applied Materials surprises.

While valuations are clearly very high for many tech names, investor euphoria might not go away until news flow meaningfully worsens.

Negotiations on the next round of stimulus, more so than tension between Washington and Beijing, and more so than earnings season, will control short-term financial market performance.

While some growth stocks have been bid up to extreme valuations, others could look intriguing if markets see a meaningful downturn.

This list is not a buy list but a list of stocks that have been brought to new heights.

A planned infrastructure bill reportedly includes some funds for 5G and rural broadband spending, while another bill seeks to boost U.S. chip manufacturing capex.

NYSE will reopen the floor in a limited way, banks were in the headlines and Semis lead the rise.

The longer-term view remains positive.

Watching first-time jobless claims and trading volume, plus some thoughts on defense names like Raytheon and Lockheed Martin, and tech names like Lam Research.

Trading volumes dropping on major indexes, U.K. teams begin human trials on a Covid-19 vaccine, and the U.S. Senate wants another stimulus package addition.

Let's review the charts and indicators.

More than 450 quarterly reports are on tap, including 105 S&P 500 constituents.

For now, chip equipment makers are still mostly seeing strong orders. But COVID-19 lockdowns and softer chip demand are potential headwinds.

It's a paradigm shift that all started with Zoom and Cisco's Webex.

While the arrival of additional bad news could lead markets to fall further in the near-term, investor sentiment will likely turn before conditions on the ground see big improvements.

Splitting one's bets between blue chips and a smaller basket of high-upside plays with more risk could work well over the long run.

Chip equipment and memory stock particularly look more attractive now.

I would rather stand aside from new commitments until the dust settles.

There is no political will on either side of the aisle to address ever expanding deficits.

It may not be too late to take part in the positive market action on semiconductor stocks, but be cautious. Here is how things stand.

TSMC issued a strong Q1 sales outlook amid heavy demand for its most advanced manufacturing processes. And it shared a capex budget that has given a boost to chip equipment stocks.

MagnaChip Semiconductor and Ichor Holdings have joined the ranks of industry firms to announce that their Q4 sales were better than previously expected.

I am simply respectful of the power of hope melded with the strength of so many parts of technology and I want to buy, not sell, these stocks when they get hammered.

Let's review 2019 performance of RMPIA in relation to stock indexes and see what's ahead.