Sure the industrials and the banks can't be stopped. It's incredible that rates can still go higher and you can see the housing stocks go down, but the banks? Buyers are so happy that they will push Goldman Sachs (GS) and Wells Fargo (WFC) , two in-the-doghouse financials seemingly forever to great heights as if there are no shares for sale.
But the drugs and the techs? They can't get out of their own way. Every move up is like the bargaining, and every decline is the depression. We saw this play out already for the cyclicals and financials, but the FAANGS and Microsoft (MSFT) as well as the semis? They are so disliked it's as if their end markets are kaput. The amazing thing is that the reality is the opposite: 5G, data centers, autos, they are all on fire. You can't hold them back and with the possibility of better relations with China -- something we haven't seen yet, but I think could be the next thing after the stimulus package. Again, I key on Boeing as the best place to bet on China as you can see the companies that are buying these planes are the ones that sell them to other countries. The new 737 MAX boss is from the airline industry, a good sign because you don't want someone up from the ranks right now. You want someone who understands the problems of the airlines.
There are two types of Nasdaq stocks that aren't doing well. The first? The ones connected to the internet. The second? The ones connected to Tesla (TSLA) . Both are sagging, as if the only thing that matters in this whole wild group is GameStop (GME) which is neither tech nor auto. Sometimes I wonder if tech just cant rally without Tesla going higher and GameStop going lower.
Crazier things have happened.