I have written about the rotation out of bonds into the stock market several times since election.  In the last week, fund flows into equity based funds were $28 billion, while $18 billion flowed out of bond funds.  The flow into equities is the highest in 2 years, while bond outflows where the largest move in 3 ½ years.  What is even more impressive is that individual or passive investing is on the rise big time as last week $34 billion flowed into ETF as outflows from actively managed mutual funds continued.

Gold, currently $1208 an ounce, has been beaten down as interest rate yields climb. The 10 year U.S. Treasury has been on fire and is now at 2.331%.  WOW.  The dollar is surging higher and hit the highest level since 2003.  Oil remains range bound this week, up slightly today, with WTI trading at $45.49, as we await the latest Baker Hughes US rig count and more out of OPEC.

After a higher open, the major indexes are off at midday as the market consolidates recent gains. The NASDAQ touched a new all-time high intraday at 5346.80 before pulling back and finding support above 5300. The NASDAQ is the story today with 230 stocks making new highs. Overall volume is solid. 

The Russell 2000 has gone wild and is up for the 11th day in a row to hit all-time highs. After a wild run like this, consolidation is inevitable. 

The street is waiting for some big cabinet picks (Secretary of State, Treasury, Commerce) from the Trump administration.