It was a very mixed day of action as speculative plays were choppy and sloppy while the big cap "stay at home" plays ramped sharply higher. Amazon (AMZN) , Netflix (NFLX) and Facebook (FB) led the Nasdaq higher, while roughly even breadth weighed on the small cap, as seen by the iShares Russell 2000 fund (IWM) .
Bears were looking for some "unwinding" of the end of the quarter push, but it may still be too early for that. The period in front of the Fourth of July has some positive inclination, although July 2 tends to be a negative day historically.
There was a shift in the action, as the small-cap speculation and trading cooled off and money rotated back into the FAANG names with the exception of Apple (AAPL) . I'm not sure if that is good or bad, but it is a change in character and might be a signal that some turbulence lies ahead.
We have a long weekend coming up and the day before a holiday is often positive as volume slows and the speculative day traders are more active, but 2020 has not been a year for normal patterns so I wouldn't be surprised if we are surprised.
The trend is still up, but this action is shifting and that requires some added vigilance. Manage those trades tightly and be ready to move if conditions continue to change.
Have a good evening. I'll see you tomorrow.