I have to say, I am very impressed with today’s session. An early rally faded fast, but it found a way to put on the brakes. When we did not force the issue at the open, we suspected the first rally attempt would fizzle in part to this growing sense the market is due for a pullback.
So, the fear of riding a dip is a little larger than fear of missing a big upside pop. And yet, the market held at the momentum it was most vulnerable this morning.
The better news is the S&P 500 is taking out this morning top. This has been an impressive session that needs to keep going. At some point, the pendulum swings back to fear of missing out.
Mega growth names are powering Technology, Communication Services and Customer Discretionary higher. The rest of the market could sag, and the index might still finish higher, but that doesn’t matter today. Even the loan decliner, Energy, is well off the lows.
S&P 500 Index | +1.60% | |
Communication Services XLC | +1.91% | |
Consumer Discretionary XLY | +2.10% | |
Consumer Staples XLP | +0.29% | |
Energy XLE | -0.24% | |
Financials XLF | +0.85% | |
Health Care XLV | +0.84% | |
Industrials XLI | +0.86% | |
Materials XLB | +0.10% | |
Real Estate XLRE | +1.36% | |
Technology XLK | +2.73% | |
Utilities XLU | +1.03% |
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