It’s a mixed session for the market, but investors are selling utilities and rotating into beaten down sectors of the market.  

Financials

Financials are surging on the House vote on the Financial Choice Act, which rolls back major elements of Dodd-Frank, eliminating rules that will free up capital for lending.  In the coming days, look for more financial hurdles to be removed as the White House releases plans to remove regulations.

I especially like the action in regional banks, which have been hampered more than large money-center banks that aren’t eager to lend to Main Street in the first place.

Infrastructure

I mentioned this morning how infrastructure was coming on today and that momentum has picked up even more as the President continues to push his plans, which include these lofty goals:

• $200 billion fund
• $15 billion on transformational projects 
• $25 billion on rural projects
• $100 billion for immediate local needs
• 2 Year permitting process from current 10 years

I love the action in US Steel (X), which is extremely oversold, as well as Caterpillar (CAT) and Vulcan (VMC).