The Dow and S&P 500 are down this afternoon, reversing from yesterday. The big story here are most recovery stocks (airline, hotel, and cruise ship) are trimming their gains from last couple of session, making them irresistible in the eyes of many investors.

The Nasdaq hit a new intraday high, and it is 4 points away from hitting 10,000.  Names like Amazon (AMZN), Apple (AAPL) and Home Depot (HD) reached new 52-week highs. Nasdaq is not composed of recovery stocks, department stores or a bankrupt rental car company, making it more representative of the economy and its reopening and where people are spending money.

Technology is outperforming today with FAANG stocks all up. Energy is the worst sector, as oil edged lower. The crude lost 0.7%, after falling 3.4% on Monday.

Breadth is decidedly negative today, especially on the NYSE, but the real story is that new highs are clearly in control of new lows.

The 10-year note has retraced back to 0.81%, as most analysts see this as a breather with continued focus on re-openings and Fed support. 

All eyes for the FOMC meeting tomorrow.