Like Friday, stocks bolted out of the gate, but couldn’t seduce enough money off the sidelines to prevent some stalling and drifting.   That’s the nature of breakouts, especially one that’s trying to happen on such a consequential week.

• Earnings continue
• Fed meets
• Jobs report

And there will be other extenuating inputs into the market this week from updates on China trade negotiations to updates on manufacturing and additional economic data.

But just like Friday, there continues to be rotation out of defensive safe havens Consumer Staples, Real Estate and Utilities into a mix of momentum names via Technology, and value with the action today in Health Care.

Leader of the Pack

Tech is higher, but it’s not the names you’re thinking of. Those big names that dominate headlines have been struggling, but semiconductors are on fire powering the SOXX to an all-time high. The move came after Lam Research (LRCX) posted an amazing beat, negating disappointing results from Texas Instruments (TXN).   The index finally broke out after failing in July and September.  I say ride that wave.

Let’s keep our powder dry this afternoon.