The worries that took hold last week are being set aside this morning as stock pickers go to work and the FATMAAN are all positive.
One of the big problems with the argument for a bearish rotation is that market players refuse to give up on their favorite big-cap technology stocks. The Nasdaq 100 (QQQ) is leading to the upside this morning while the 'value' plays such as banks (XLF) are lagging.
The pockets of speculative action are still narrower with only about two dozen stocks up more than 10% on my screens. Precious metals are flying higher as gold hits a new all-time high and that is dragging along Bitcoin (GBTC) . Bitcoin faces overhead resistance at the June highs but it isn't at an all-time high and that is helping the psychology for those that don't want to chase gold at this point. Blockchain names like Riot Blockchain (RIOT) are seeing sympathy moves with bitcoin
My Stock of the Week is a biotechnology name with a prostate cancer drug that has been drifting lower for a few weeks and seems to have some support. Myovant Sciences (MYOV) should have some new data in the third quarter and is looking for FDA approval before the end of the year.
It continues to be a market for speculative trading. The market timers are still looking for a major market top but they are getting quite a bit of rotation and choppiness instead.