It’s a good, quiet session where the dinosaurs are getting the most love. 

Although the market is moving at a pedestrian pace, sellers have abandoned safe havens as the rotation has shifted to cyclical stocks and sectors.

Industrials (XLI) were the leaders for most of the year, and I think many of those names are getting back to a sweet spot (we are looking).

It’s nice to see Consumer Discretionary (XLY) higher without Amazon (AMZN) doing all the heavy lifting.

General Motors (GM) and Ford (F) are making big moves in part due to admitting tariffs haven’t had the impact they have been warning about.

Can GM Set the Pace?

I’m not sure if this is the start of something remarkable like the last time General Motors (GM) rallied more than 15% in a single session.

Back then (2020), the stock went on to rally 164% over the next twelve months according to Blue Kurtic.

Nothing to Fear

I’m also pleased to see the fear index (VIX) continue to drift back to earth.

I still think big time buyers are waiting for the S&P 500 (SPX) to close at a new high before rushing onto the scene – there would be even more urgency if there was broader and fresher leadership.