SPX 3580.84. The fourth day above 3500, and close to 3600.
The markets set yet another record, and the SPX is now higher for the year by almost 11%. We did see something different occur. In the past, we have seen occasional selling in the leaders like AAPL, TSLA, ZM, AMZN, etc. When the selling occurred, the money stayed on the sidelines so the indexes would sell off as well.
Yesterday, we saw AAPL fall -2.1%, TSLA fall -5.8%, ZM fall 7.5%, etc. These had been high flying stocks that helped give the markets buoyancy and guidance. When these leaders sold off yesterday, it did not drag the market lower, instead the market went higher as the money was reinvested in other names.
Yesterday was a shift and rotation of assets. The overbought was sold to invest in the over sold. This is how many professional fund managers keep their inventory under control to avoid a lopsided portfolio, but we have not seen it this obvious in a while. The markets, in other words, have shifted to the last leg of the bull market (in my opinion).