It's not enough that they take up the drug stocks. They take up the retailers and the materials, too?
But the retailers? How is it that they won't quit? I have no idea. It was just their "turn" I guess as they had fallen behind.
We are now back into the exact same market we were in before the 9% plummet. We are rotating into and out of groups on the way up.
Now many retailers report next week and they will all be able to raise numbers because of tax reform and lean inventories.
In other words, people are just trying to get ahead of that.
I guess it's that simple: a taper tantrum, a VIX blow-up and then off to the races?
Seems too easy. We raised some cash today to be ready for a decline next week.
But most people seem to be in FOMO mode -- fear of missing out -- as either they learned nothing from the decline except it should be bought aggressively on the way back up.