It’s another one of those session that looks calm, even boring, on the surface. But there is a whole lot going on below the surface.

The reversal in the NASDAQ reflects gargantuan moves in high Beta, mega-cap names and selected niches like SaaS cloud.

The NASDAQ made a nice move off the opening lows, which is impressive considering how much downside there is for a normal pullback to key trendline levels.

A lot of pressure is coming from investors dumping their tech and growth winners to buy up hot IPOs yesterday, including DoorDash (DASH) and C3Ai (AI).  It will be interesting to see if the same happens today after Airbnb (ABNB) starts trading.

NASDAQ

As for the  broader market, it’s clear the algorithms are zeroed in on every positive word out of Congress on potential stimulus. 

Silly algos, they never read Peanuts comic stripes.