If you left here yesterday short the retailers, you were sitting pretty. It was as good a trade as being long the drug stocks.
But then today you come in and you see Trump advisor Gary Cohn's talking negatively about the border tax and you get decent numbers from Nordstrom (JWN) , Foot Locker (FL) , Restoration Hardware (RH) and Gap (GPS) , and you've got the best trade of the day. (Foot Locker is part of TheStreet's Trifecta Stocks portfolio.)
This is the kind of thing that I say is a sign of why it is so hard to call a top. Sure, we have areas under pressure, but this rotation acceleration is just insanely positive. No border tax; better-than-expected earnings. Boom!
Meanwhile, it's not like the drug stocks acted badly. They hung in. And how about the transports? Can you believe Southwest (LUV) was up huge, no doubt in advance of Warren Buffett being asked by Becky Quick on Monday whether the Oracle wants to buy the whole darned thing?
Next area that gets rotational love? Could it be the oils? They've been getting the market's cold shoulder. Whatever gets that last is what seems to climb next!
But then again, the banks have been stalled for a couple of days. Maybe after some Fed heads speak next week, that's the group to go to?