Oddly Spotty Action

 | Jun 26, 2013 | 2:53 PM EDT
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This is a trickier day than it looks. With mortgage rates at 4.5% (which would have been a to-die-for rate at one time -- as opposed to the 3% rate of a couple of weeks ago, housing -- and everything that goes into it -- is despised as a theme. That's despite a huge relief rally in bonds.

But the drugs are loved, loved, loved, even as nothing has happened, and the biotechs are on fire again. You know what? That smacks of a mark-up to me, particularly because the ones that are up the most today have been up the most all year.

I am seeing the same thing play out in the big hot growth stocks that had been marking some time: Amazon (AMZN), Google (GOOG) and Starbucks (SBUX). Who doesn't want to show they were in those, especially vs. the hideous Facebook (FB) and Apple (AAPL)?

Now, we do have some bouncers: the real estate investment trusts (REITs). If I were a trader I would play with the iShares Dow Jones U.S. Real Estate (IYR) and the regional banks. Regarding the banks, I would still be aggressive with the ones that Real Money contributor Bob Lang likes from a technical perspective -- KeyCorp (KEY), Regions Financial (RF) and Huntington Bancshares (HBAN) -– as well as the autos, which, given their momentum, should never have been down to begin with.

And we have still one more good day with the master limited partnerships (MLPs) that have been so hideous. Thank heavens we haven't had a gigantic messy equity offering in the group for a couple of days.

I regard today's action as oddly spotty given the huge increase in the Dow. If the bonds were continuing to ramp, I would have bet that this one couldn't last. The bulls have just enough bond wind at their backs that the overall tone beats the intra-sector action.

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