Remember, oil and energy are carrying an increasing percentage of the value of the Dow. When the oil stocks are up that is good for the Dow index. While I will not do it, I bet if you take the gains of the energy and metals stock out of the gain today you will not have much left.
Retail got a bump. First 1%, then 0%, now .8% EOD TBD
The QQQQ's are in a world of their own right now. Tech has been a laggard, now it will be leading for a while.
If you want to be long now: Buy tech, telcom, energy, and metals not necessarily in that order.
If you want to be short: Brokers, financials, consumer discretionary
We are in a trading range right now, with the bullish bias being propped up by easy money and M&A activity. As M&A becomes more selective, as interest rates nudge up, as the public wakes up to the fact that the devalued dollar has baked in an extended bout of inflation, the bias will become bearish.
Until then do not mistake the backdrop and normal volatility for something more than just that.
"...they ran the market more than I thought possible. As a result, the break happened without warning...I made the most money I ever had that day...despite news reports otherwise I was not happy, since I knew what it truly meant."
Personalization of sections of the biography of Larry Livingston, who some call the greatest trader of all time. Larry Livingston made $1 billion equivalent in today's dollars the day of the '29 Crash
Hope this helps. Remember, it is only a stoutopinion.