Can't hide it: Today is a really important day. You need FANG to go up and FANG to go down.
We know from Five Below (FIVE) and PVH (PVH) , which is a read through to J.C. Penney (JCP) , Kohl's (KSS) , Target (TGT) , Walmart (WMT) and Macy's (M) , that business got stronger -- some would say much stronger -- post election.
That would be great news for Amazon.
We know that Netflix has done a series of deals during this period that are quite positive -- and yet it can't get out of its own way. Facebook is actually cheap on earnings. No readthrough to Alphabet, but the last quarter was terrific.
There are no flies on the group except for a rotation.
Meanwhile, Diamondback, as well as Resolute Energy (REN) which is up 647% this year, are tells of breakneck and unsustainable moves, reflecting a continued increase in crude.
These are the tells of the rotation.
We know that the cloud plays didn't bottom for three to four days after the February LinkedIn (LNKD) / Tableau Software (DATA) one-two punch in the face. So we have to keep watching Salesforce.com (CRM) and ServiceNow (NOW) .
Finally, we have to keep an eye on Pepsico (PEP) , Clorox (CLX) and Procter & Gamble (PG) , the three that I thought had the best respective quarters, to see if the soft goods can find footing. PEP, GOOGL and FB are holdings of Action Alerts PLUS.
And, yes, Caterpillar (CAT) has to go down to make things work for the bulls, given that it guided down just yesterday and went up anyway.
Please watch my video on rotations and the rate of change, explaining why Nvidia (NVDA) is hated and Caterpillar loved. I think you will get a lot out of it.
Random musings: Don't forget to watch my interview on Mad Money on Monday with Greg Hayes, the CEO of United Technologies, which was on the receiving end of the next President of the United States' call to keep jobs here.