“Run away, Run away” – Well, not today. The S&P 500 continues to hold the June high (3233) support and investors are using the opportunity today to buy some of the names that have been working this year (decade). Tech once again is leading with help from Apple (+2.4%) and Microsoft (+1.8%), and FANG is up 1%. Overall breadth in the SPX is positive, with 400 names trading higher. The sector lagging? Energy (XOP -1.2%). Even though participants are adding to their favorite stocks, US Treasuries are still in the green (10-yr yield 0.656%) as well as the Dollar (DXY +34bps), so it’s tough to say today is a risk on day.
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