Sentiment Check

The Nasdaq continues to rip, especially relative to the broader market. This is likely indicative of money flowing out of the energy complex and into tech and biotech.

As for investor sentiment, it has been subdued all day.

• The ARMS index is elevated at 1.32
• The CBOE put/call is above-average at 0.92
• The ISEE has been low all day, opening at 81, and now at 120
• The NYSE short interest ratio is at a 5-year high (7.13)

I expect this trend to continue, with some interruptions along the way. Growth stocks are poised to outperform, a welcome change from the last several years.