Leadership
essentially rested yesterday as it slightly underperformed the broader
market. The exception was tech, which continues to be strong and
continues to see big upside pops on earnings.
The dollar was up on big volume yesterday but closed at resistance. The
dollar may eventually gain some traction, which of course is likely to
coincide with a market correction, but that correction may come later as
opposed to sooner. Perhaps next Wednesday's FOMC meeting will be the
catalyst triggering a dollar rally. In the meantime, we believe there
are still more gains to be had in tech stocks here given the solid
behavior in the group.
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