this morning we are seeing the reverse of yesterday's post-fed action; the dollar is rallying again, and the rotation trade out of cyclicals, agriculture, energy and gold and into big-cap technology, chips and biotechnology has resumed.
the familiar big-cap momentum and technology names, aapl, goog, pcln, ma and bidu are attracting the most attention and leading. they reversed hard yesterday after the fed and are now back up to where they were before the announcement.
is the market trying to develop a new theme? the hope yesterday was that the fed was going to be more hawkish. when that didn't happen, we went back to the weak-dollar trades, but this morning there seems to be renewed hope that maybe the dollar will recover after all, despite the wishy-washy fed comments yesterday.
long ma and aapl
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