Full Speed Ahead… What looked to be another runway ahead day for Tech/momentum has become a bit more muddled, though indices aren’t complaining with the S&P, Dow, and Nasdaq all continuing to push higher into the afternoon. YTD laggards Utilities and Autos are at the top of the sector chart, with the latter rising mid-morning after Autodata showed industry sales topped 15M vehicles in August. Semis are also separating themselves, led by Nvidia (NVDA +4.0%) receiving more applause for their gaming chip rollout, and strong set of earnings from Jack-Daniels maker Brown-Forman (BF/B +11%) has Food/Bev riding high. Tech is the big underperformer thanks to Apple (AAPL -2.3%) taking a breather (otherwise all S&P Tech names green), and Energy is negative as Crude sinks following data showing weaker gasoline demand. The risk-on tone of the session has gotten an extra boost from more positive commentary from Fauci on vaccines, as well as new reports that steroids can significantly reduce mortality rates among severely ill Covid patients. Still the exuberance has felt overdone for a while now and signs of strain are still afoot: VXN (the VIX of NDX) continues to quietly climb higher even as the NDX notches record after record…
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