The DJIA is trading up more than 1% and breadth is running around 4425 gainers to 2730 decliners, but it is messy action out there. There is significant rotation again, quite a few secondary offerings and speculative action has slowed.
What is most notable is the rotation out of Nasdaq 100 ETF (QQQ) growth stocks and the FATMAAN names in particular and into financials (XLF) , industrials (XLI) , and into select small-caps. My list of stocks that are moving more than 10% has contracted quite a bit and there are less than 250 stocks hitting new 12-month highs so there is significant slowing in momentum chasing.
Another notable aspect of the market is that precious metals and miners are taking a substantial hit. The group has rolled and is under pressure, even though the dollar (UUP) is closed to unchanged right now. I am looking for the miners to regroup and make another run, but they are currently under substantial pressure.
One of my favorite names, biotechnology stock Myovant Sciences (MYOV) , is finally bouncing following its earnings report. The report was not significant but it seems to have helped to put a bottom in the stock.
One speculative name I'm buying today is Aker Biosciences (AKER) , which did a registered offering at $5.67. The company is supposed to have an update on its COVID-19 vaccine soon and positive expectations should provide support.
This rotational action is making for some choppy and inconsistent action, but it is not a negative that there is some leadership. I'll worry much more about the market if breadth becomes 2-to-1 negative or worse.