Another new record high was achieved yesterday for the market, of course what followed was a fairly dramatic decline in the technology sector, with some of the biggest names taking the biggest tumbles. Perhaps technology took a peak at the 'upside down'.... a strange world where the price of equities trend lower, not higher. Yet like the other nasty tech sell-offs we have seen this year, the buyers resurface the next trading session and record high prices return.
Each of the sharp tech pullbacks have seen a positive bounce the following session.
and despite yesterdays sharp pull back, momentum remains positive:
and amid the sell-off yesterday in tech, financials were having a fabulous day.
Jamie Dimon is nearing a 100% gain on his $26 million insider buy at the height of the early 2016 market panic.
$JPM is out to a new all time high this morning, helping to lift the financial ETF $XLF to a new record as well.
The financial breakout looks to be in its early innings.
Small caps also held their own yesterday. $IWM continues to break to new highs.
The S&P500 and the Dow also posted new records yesterday. This morning both stand to open at yet another record high.
A tech wreck is certainly nothing new. We've seen it countless times throughout this bull market:
Amid a sobering pull back for tech, small caps, financials, blue chips, all held their own and then some.
Another sign that the apocalypse is not upon us just yet... the VIX and volatility related products, remain in shoulder shrug mode.
The VIX couldnt even must a move over 11 yesterday.
We have seen the VIX rocket 40% higher in one session this year. Yesterday.... it grudgingly climbed higher, much like a spoiled child asked to eat her broccoli.... "Do I Have to?"
It's pull backs like yesterday that keep the bears involved. That give the illusion that this market is about to crack. We've seen it so many times before, and each time the thought creeps in. Is it finally here?
and I answer you with a great link shared in our chat room the other day.
Is the top in? Has the market peaked! Is the bull market over!?
Have a great trading day