The strength in the big-cap drug stock names today, names like Lilly (LLY) and Bristol-Myers (BMY) and Johnson & Johnson (JNJ) almost feels program-like. It's like someone said, "Let's go buy an ETF with drug stocks." (Lilly is part of TheStreet's Action Alerts PLUS portfolio.)
It makes you wonder how much of this market really is dominated by ETFs and how much the ETFs are dominated by machines, not people.
My friend and writing partner Matt Horween and I were marveling about how little emotion there is to this rally. How methodical it all is.
We speculate that it's all machine-to-machine and not much more than that.
The machines are in charge.
I am sure tons of other groups are responding similarly. I see it in anything auto-related but I can't see the ETF doing it. The biotechs fit.
Perhaps even FANG fits, if you want to take the other side, the short side.
It's kind of a meaningless rally, but it's occurring instead of what would be an expected selloff.
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