The oddest thing I see? The highest multiple stocks, those of Workday (WDAY) , Salesforce (CRM) , VMWare (VMW) , Adobe (ADBE) , are a real sign of strength. We got a Workday upgrade and the stock acts like a takeover is coming which, frankly, is absurd.
Why is this crazy? Because if rates are really about to soar and inflation about to roar these are the stocks that should be hammered unmercifully. They are ones that are to be shorted, not just the consumer products stocks like Clorox (CLX) and Kimberly Clark (KMB) which have been dropped like hot potatoes.
At the same time we are getting bounces in stocks that had been incapable of bouncing, stocks like McDonald's (MCD) and 3M (MMM) . The former is benefiting from Restaurant Brands (QSR) Burger King's numbers.
I also like the action in the banks, particularly JPMorgan (JPM) which is the leader.
Just things I am looking at in this fragile market that seems like it isn't fragile for the moment.