Tech ripped 7.2% last week but still underwater from June highs. Meanwhile three other sectors just printed all-time highs.
Rotation isn't a theory anymore — it's happening. When tech rallies hard but can't reclaim prior peaks while industrials, financials, or utilities are making new highs, that tells you where the real money is moving.
This is what late-cycle looks like. Breadth improving, leadership shifting, and the stuff that worked for two years suddenly needs to prove itself all over again. Don't fight the tape, but don't ignore what the cross-sector action is screaming either.
Rotation isn't a theory anymore — it's happening. When tech rallies hard but can't reclaim prior peaks while industrials, financials, or utilities are making new highs, that tells you where the real money is moving.
This is what late-cycle looks like. Breadth improving, leadership shifting, and the stuff that worked for two years suddenly needs to prove itself all over again. Don't fight the tape, but don't ignore what the cross-sector action is screaming either.