The word of the day was "rotation."
Breadth was negative with around 3,400 advancers to 4,600 decliners as the Nasdaq surged on strength in technology stocks, while the Dow Jones industrial average and Russell 2000 lagged as oil, value, and some speculative names reversed.
There were some good pockets of speculative action again, but it was mostly different names that were doing well last week. Stocks like AMMO (POWW) and Aurinia Pharmaceuticals (AUPH) , which did well last week, lagged this week.
Some of this action was due to a reversal of the Russell indexing, and some of it was due to a return to COVID names as worries about the COVID variant gained some traction. The FATMAAN names, semiconductors, and technology did most of the heavy lifting today.
While the action was mixed and a bit chaotic, it was generally healthy, as some extended names took a rest, and some new names gained some momentum. The stock picking was much more challenging as it shifted rather abruptly in many cases.
It is a holiday week, and there tends to be a positive bias as we wrap up the second quarter and look ahead to the Fourth of July holiday, but rotation hit hard today, and that made trading a bit more difficult.
Have a good evening. I'll see you tomorrow.