Almost everything down except bank stocks. iShares Core S&P 500 down .5% (Germany).
Yep. Banks and Energy up 10% this week, Banks up nearly 20% on the year and energy 30%. People can say whatever they want but this is market makers rebalancing. Read a good article about how last year they overweighted tech and underweighted finance/energy last year and they are probably rebalancing before the economy re-opens.
Dunno how much more they could go up, I sold my bank positions Tuesday (edit: Monday), definitely a little early, but they are back to above pre-COVID levels now and the buying will slow down at some point.
You just can't deny that (FAANGMAN) tech is flattening, earnings don't matter because their valuations are sky high, and there is good reason to rebalance because of all that and the economy reopening.
Question is if this movement started months ago how much more steam does it have before the selling pressure on tech ceases and the buying pressure on banks/energy slows down.