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Yesterday there was more evidence of big tech’s fading importance: massive rallies in chemical stocks, industrial metals and construction firms.
The Dow Jones Heavy Construction Index ($DJUSHV) jumped 8.3 percent on Wednesday. It outpaced the S&P 500 by 7.8 percentage points, the biggest one-day outperformance in over four years. Chemicals and metals also jumped, but less dramatically.
Meanwhile, the Nasdaq-100 fell almost 2 percent relative to the S&P 500. That was its worst one-day relative strength since Pfizer’s (PFE) vaccine announcement lifted launched a rally on November 9.
Investors are hoping for more stimulus from the new Congress, plus some kind of infrastructure package. Combined with the recoveries in Asia, it’s another sign of sentiment shifting toward cyclical value socks and away from big tech stocks.
This also points to faster inflation and higher interest rates. The coming months could be very different from market conditions we’ve seen most of the last decade.
Uranium miner Cameco has been stuck at an old high, and one big options trader is bracing for a potential drop as earnings approach. This large transaction was detected yesterday in CCJ, unfolding in several blocks over the course of the afternoon: Some 30,000 May 45...
Regional banks had a big surge in late 2023. Now, after a period of consolidation, some traders may expect further gains. The first pattern on today’s chart of the SPDR S&P Regional Banking ETF is the falling trendline along the highs of January and early March....
Palantir Technologies has advanced as investors embrace AI and non-government customers embrace its products. Is its current pullback offering an opportunity? The first pattern on today’s chart is the pair of rallies after the last two quarterly reports. Those may...