Impressive Nasdaq Reversal, Steel & Metals Better, Is Infrastructure Back On?

Dow: +143.95...
Nasdaq: +87.79... S&P: +21.31...

The market had a nice reversal day, but the Nasdaq had an especially decent turnaround day. As you can see, the Nazzy took out yesterday's lows at the open (trapped some more shorts) then proceeded to rip. By the end of the day it managed to take back the 50-day moving average and the volume was good.

Biotech also had a beautiful reversal day and popped 2.5% after yesterday's profit taking session.  Many biotechs had a very impressive recovery day after being turned back yesterday.

Our portfolio standout today was ESPR which popped 10% on huge volume.  The other one was KITE which made a new closing high +4.9%.  XNCR finally caught a pop for 7% so maybe that one is starting to wake up.  A move through the 22.50 level I thnk it can get going.

The best performing sector today was the metals & mining sector (XME +3.2%).  You guys all know how many false starts that we have seen from this sector over the last few months.  The 30.75 area is the resistance level to watch on this one, so until it breaks above that area it shouldn't be trusted.

Along those lines, steel (SLX-+3.8%)) had a big day, so this is also a sector where the worm may be turning.  Maybe this whole infrastructure narrative will start to play again.  Today SLX broke above the 200-day moving average and lateral resistance.  Both technically significant. See X, NUE, STLD, & TMST in that space.

I may have a couple of more new names tomorrow so stay tuned.