Morning Dose #361: TSM Beats, Stocks Falls: Why Rotation Beats Retreat – Friday 10/16/2026

Episode summary

TSM crushed earnings estimates but the stock fell anyway, as money rotates out of semiconductors into financials and software. The hosts break down the Cautious regime call, improving breadth, sticky inflation data, and today’s trading playbook built around AMAT and TSM as sentiment gauges.