The strong start to the session is being met with some profit-taking, which isn’t unusual.  Interestingly, the two biggest movers in the market are from government action and inaction. 

The administration is selling the position that they cannot do anything about oil prices other than go to OPEC hat in hand, and that’s patently false.  They could call off the war, but instead are rolling the dice, as higher prices at the pump will make their clean energy dreams more palatable.  

It’s a real shame because people are going to hesitate to do things they have been desperate to do after being ordered to stay at home for months. 

Then,  there’s the infrastructure bill that’s only a fraction on actual infrastructure, but it is enough to put some pep in the Materials space today.  

The thing about this market is all the big news has come and gone.  Now, it’s all eyes on the CPI report on Wednesday.  For the most part however,  investors are left to their own devices for direction.

In many ways, this is actually a good thing – to see conviction without exogenous events and outside influence. 

It’s fine if we get some consolidation around here. 

Meanwhile, a fair amount of money is coming out of FANG names moving into metaverse, chips, software and other components of the fourth industrial revolution.