Digesting – After gorging on stocks yesterday pushed indexes to joint all time highs (x Nasdaq), markets are taking a walk. But like the second piece of pie you probably do not need, the stay at home stocks are outperforming their cyclical counterparts. Mega tech (FANG +45bps), Zoom (+1.5%) and Peloton (+80bps) are a couple of the highlights, perhaps in expectation that the holidays are here. Since Nasdaq did not create a new ATH yesterday, the index is currently there now (assuming it closes here), and since this is a market of opposites right now, the names that have benefitted since November 2nd are lagging. Energy and Banks are both underperforming, down 1.1% for each. Still, considering the moves both sectors have had in November, it is rather benign.
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