Dow: +9.02…
Nasdaq: +27.83… S&P: +1.19…
The S&P 500 (+0.03%) and Nasdaq (+0.2%) eked out intraday and closing record highs on Tuesday, with the S&P 500 touching the 4300 level for the first time. The Dow (+0.03%) closed fractionally higher like the S&P, while the Russell 2000 fell 0.6%.
Some of the smaller growth stocks that we own like BBIG, AHT, CLNE, and WISH were heavy today.
The day started with a modest rotation into value/cyclical stocks, partly due to a slew of expected dividend increases announced by the banks. The financials closed red and the daily charts on XLF and KRE (regional banks) look a little sketchy here, to me anyway.
Value and cyclical stocks faded their early gains throughout the day on no specific catalyst, although with the quarter ending tomorrow, there might have been a greater propensity to position into growth stocks amid potentially lower economic growth rates in the second half of the year. So it was Nazzy all the way today.
The chips (SMH) continued higher today, with more all-time highs, and AMD added 3%.
Energy (XLE) has almost back to its 50-day moving average. Normal pullback or the start of a breakdown? Not sure yet.
The market is up in the nosebleed seats again and we continue to see some weird and hard-to-trade rotations.
See you in the morning.