The whole move was again led by the NQ8 and the NQ 100
The rest of the market still looks miserable (except maybe for the Biotech).
You will note that defensive sectors such as utilities and REITs are under selling pressure.
Small caps are slightly outperforming, but both IWM/SPY are at the top of their envelope, which is not the safest place to be long.
Conclusions:
I believe that large investors are rotating into the NQ8 sector which will benefit from a cash repatriation deal. That, combined to an end of the Month window dressing activity are the main drivers in today's bounce.
This is basically a market that is walking on one leg, while the Fed stated that it wants its crutches back.
