What a difference a day makes. Only one S&P sector is down, as the board market celebrates the pullback in bond yields and race to take advantage over oversold conditions.  

Consumer discretionary is the biggest winner led by Tesla (TSLA). The stock is the number one performer in the S&P 500 which is getting a big boost from sales numbers in China, as its domestic rivals actually lost ground.  Investors are not worried about price cuts; the fact is they are dominating share. 

I think higher valuations in some names that have become de-facto safe havens is also sending cash into more volatile names, with growth that augurs for higher valuations.  Meanwhile, I’m watching the semiconductors more than any other industry.  Sans a glut, that would conflate demand dynamics. This is the best proxy for the main drivers in the economy and stock market.