1. Money Rotation Today As yields on the 10-year note start to perk up towards the 1.5% level we see money leaving the tech stocks. Stocks like Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), and many others are all selling off today. Big cap tech hates higher interest rates. 

The strength in the market today is in the small cap stocks. The Russell 2000 index (IWM) is up 1.3% today. Small cap stocks perform better in a higher rate environment. There is also strength in the Financial, energy and retail sectors today. 

The market has climbed the wall of worry and couldn’t care less about the fact that transitory inflation is here to stay. There’s no tapering going on and there’s tons of money chugging around the system.

2 Bitcoin/Cryptos are holding up extremely well despite China’s attacks. It’s held the level so far for now. The more a level is tested, the weaker it becomes. And you could be seeing that and if it breaks $40k look out below.

3 Gold/Silver Gold started out strong and rolled over. Silver is having a good day. Futures are up a little over 1%.

4 Natgas pulled back to the 20 day moving average. Today it’s breaking out to new highs.