Yesterday was a flip flop in performance from the prior day’s action; yesterday the Nasdaq rallied by 200+ points, while the Dow fell nearly 300 points — somewhat of a mirror opposite from the prior session. 

Biotechnology was a glistening theme in yesterday’s session. An FDA approval on a drug and positive test results for another drug spurred big gains in 2 of the biotech stocks, which put the focus on healthcare generally, once again. 

Some market observers are calling for a significant correction over the short run; I can see where they’re making that case from a technical perspective. 

Aggressive growth categories in the lead... 

It’s easy enough to make the argument that the stock market might be overdue for a pullback, but that might be the very reason why the market could continue to move higher… 

After months of tracking very closely with one another, the Nasdaq is pulling well ahead of the S&P 500 and the Russell 3000… 

Investors continue to accept more risk for more reward, and this is evident top down with the DJIA trailing considerably behind the Nasdaq and S&P 500… 

What do paper towel and dish detergent stocks have in common with Silicon Valley stocks? Both industries are sporting stocks that are moving toward, or into, 52-week high territory. 

Buying could be starting to move into the fever-pitch phase, especially for growth generally and technology specifically following yesterday’s Fed announcement… 

I’ve made the point that choosing the technically best-class stocks from a number of leadership categories, and emerging leadership categories, can yield better results than the major market indices themselves.