Rotation, which began this week, is picking up steam.  In addition to underperforming bank and infrastructure stocks, I’m seeing great action in transportation names, and even retail is acting great.  The action unfolding today is with respect to President Trump hammering home his infrastructure plans and the latest move by shorts to bring down technology in general, but NVIDIA in particular.  

Consequentially, the NASDAQ has turned negative, while other indices attempt new all-time highs.

The question for investors is whether this rotation is real or just temporary, as some traders cash in on tech names today but look to get back in a week or so.  This same attack on NVIDIA occurred a couple months ago, and after stumbling, the stock reversed and took off (it’s amazing to me that shorts never run out of money).

I will say no matter how fickle fast money is, I still see value in regional banks and even some retail (people are spending money just not in those stuffy mall stores where even the mannequins are bored) names are very attractive at current levels.