Sector Rotation

The market ended on a fairly strong note. And volume rose a bit on the Nasdaq. The put/call ratio ran at elevated levels nearly all day, which helped cushion the market from any midday selloff.

Bond yields were steady at 4.87%. But the big trend today looked to be a rotation out of some tech stocks (semis) and into financials. Banks and brokers had a great day. This is a sign that the market is not overly worried about the Fed going overboard with rate hikes.

So I view this as just a healthy rotation, like we have seen many times. Hopefully, these rotations will spill over to the retailers too at some point.