Wednesday Fund Flows | SMH -5.1% Semiconductors are off today. SMH dropped 5%. It’s rare to see the semiconductor ETF fall this much in a single day. Healthcare is up, energy is up, Apple even went up nearly 2%, almost hitting a new high. VIX jumped 5%, but gold is also down. Money is leaving semiconductors, going into defensive sectors, not safe havens. This isn’t a crash, it’s a portfolio adjustment. But this big red candle feels a bit unsettling.