Dan Niles: This Isn’t Even a Real Semiconductor Pullback

Dan Niles notes that the semiconductor index suffered two separate drawdowns of more than 50% during the 1990s, in late 1995 and late 1997.
The current decline is only around 25% from its peak . “That’s nothing,” Niles said.
Despite those earlier crashes, the index still gained roughly 850% from the end of 1994 through its March 2000 peak.