The most beaten down sectors are getting a big bump still. This has a tendency to happen when a group goes down for sixteen months straight.
I speak of energy (XLE), materials (XLB) and oi service (OIH).
Some of the recent strongholds like AAPL and even TSLA look very weak here. I’m not sure if we are in the midst of a complete and total sector rotation, whereby energy, materials and commodities continue to get bought.
Biotech, the greatest of the “risk on” groups, looked a bit better today, but gave back a lot of its rally the last few days and its still within the confines of a bear flag on the daily. Not impressed yet.
I don’t relish chasing prices here either, so I’m waiting for things to settle. Granted, I’ve been a bystander. See you in the morning.