There are a couple of important themes in the early going. Most notably, there is a rotation into banks and financials. SPDR Select Sector Financial ETF (XLF) is breaking to a new all-time high as names like Bank of America (BAC) and JP Morgan Chase (JPM) move strongly.
The other theme is a slowdown in speculative trading of "junk" stocks. We have had a particularly good holiday season for trading, with bitcoin-related, cannabis, China names and biotechnology all offering opportunities.
All those groups are slower today, and as a result there are only about 10 stocks on my scans that are up more than 10%.
You can see these two themes reflected in the small-caps, which are lagging, and the S&P 500 stocks, which are leading.
Breadth is still quite good, with about 4000 gainers to 2300 decliners, but leadership has shifted.
One thing that has constantly confounded the bears is that there tends to be rolling correction, with the new leadership holding up the indices. There hasn't been a very broad selloff in a very long time.
Telaria (TLRA) is an interesting chart of a stock that is just turning profitable, as its revenues jump about 70% in the last couple of quarters over last year.
The name of the game today is rotation. Start looking at some new sectors.