The market opened with some trepidation this morning, which is natural after such a monster move.  But the real reason was everyone wanted to hear what Jay Powell had to say after a week of mixed signals from his Federal Reserve colleagues.

Here are the bullet points from the headlines:

Bond yields turned lower.

Stocks have turned higher.

There’s still caution in the air, but Powell probably went as far as he could without undermining his need to corral excessive enthusiasm, which might already be in place.

That rotation I wrote about continues to be the theme, but outside of mega cap tech, there are tech names not in the S&P 500 that act fantastic. The caveat is they are extremely volatile.