We have a continuation of the rotational action from last Friday as the Nasdaq 100 (QQQ) , and FATMAAN names are attracting all the interest while growth, small-caps, and just about everything else is lagging. Breadth is quite poor, with around 3000 gainers to 4600 decliners, and that is causing money to rotate into 'safe' havens like Amazon (AMZN) , Nvidia (NVDA) , and Apple (AAPL) .
My Stock of the Week is Forte Biosciences (FBRX) and is moving over resistance at the 200-day simple moving average but biotechnology, in general, is quite weak. There simply isn't any good speculative stock picking right now. The rotational action is dominating the market, and that means that the individual merits of stocks don't matter.
Not much to do in this environment but to tighten up stops and let this rotation into the FATMAAN names play out. If you aren't in the small group of mega-cap names, there is no place to hide other than cash.