Yesterday was a solid day for the market, made even more impressive after the early pop in the NASDAQ faded quickly. It seemed there could be a consensual move lower, but buyers showed up, and soon the pendulum swung from fear of being ‘long’ to fear of missing out (FOMO). Technology (XLK) led the way, while Meta Platforms (META) left everyone confused with a litany of news and announcements, ultimately bolstering its value proposition.

Gold is starting to look compelling as well.

Fish & Chips

I think the fact that investors sold off defensive sectors and Energy (XLE), which dropped with crude oil prices, was more encouraging than the rebound in Technology.

Investors are fishing around for bargains, and yesterday, they continued to zero in on Consumer Discretionary (XLY) names. Down for the year, these names have been on a tear the last three months.

Mo is back with the company

Momentum (SPMO) rebounded, but mid-cap growth edged it out as the best factor. There was green across the screen. The good news is momentum held at its 50-day moving average.

Welcome to America, SK Hynix

The SK Hynix listing is the largest foreign debut on a U.S. exchange, and it was oversubscribed 7 times – it should be a humdinger today.

Today’s Session

It has that lazy summer-session feeling leading up to the opening bell. More shifting as investors grapple with all the noise, especially when it comes to Technology (XLK).

I just read this morning that tech insiders are buying back their own stock at the fastest pace in years. There is a greater desire for new ideas, and rotation is happening, although not as fast as the hype suggests.

On that note, however, the biggest tech names look attractive.

I just think it's too early, but these names will regain their old form down the road.

Speaking of “old,” the most compelling chart I saw this morning shows old economy stocks breaking the downtrend line after 15 years of decline.

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