in a classic reversal of a reversal, the rotation seen for quite a while now came back today with a vengeance, and those who were too quick to short those areas that began to pull back following yesterday’s fed announcement found themselves having to scramble for cover.
not only were many of the familiar big-cap tech names up big today, but there was plenty of strength in consumer discretionary. The XLY was up almost 6% and only 5 of the 85 stocks that make up the XLY finished in the red. meanwhile, financials were also strong, with the XLF gaining 3.5%.
of course, with the indices at fresh intermediate highs and their respective 200 day moving averages hovering nearby, the big question is if this action can continue. the averages are getting a bit technically extended here, and the jobs report, which is on tap for tomorrow morning, could very well be used as an excuse to do a little selling.
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