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Here are the best-performing sectors last week – energy, cleantech, cannabis, biotech, small caps, semis, large-cap tech. A wide variety of winners. We are in the sweet spot where the markets are simultaneously trying to discount the impact of a working COVID vaccine and the new social distancing restrictions around the world. As a result, almost everything is going up, except gold and the U.S. Dollar.
There’s a hint of hubris in the market. It is not only the electric vehicle stocks that have gone wild. Some recent IPOs in the software and equipment space have defied gravity too- PLTR, SNOW, U, CRSR, etc. Many SPACs have also been on the move. It’s a bit frothy. And yet, there are still plenty of long setups. I expect any corrections to be shallow and take the form of sector rotation.
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