Since reaching peak levels earlier in July, a number of technology leaders have consolidated and then rallied back, but the subsequent rallies have not… 

Technology continues it massive lead in the market with the Nasdaq up by nearly 35%, which compares with the S&P 500 up nearly 19% and the Dow is trailing considerably, up just 7%. But one of the storylines here… 

The S&P 500 has notched a new record high and the DJIA has put together a pretty impressive string of daily advances, but still no indication of capitulation on the part of the bears. 

As we move through the 2nd quarter earnings reporting season, there isn’t anything really dramatic to report. The earnings seem to be supporting the individual stock prices. 

Buying momentum among a number of the forefront technology leaders was evident in last Thursday’s session with high-volume selloffs pretty much across the board. 

The DJIA has severely lagged behind the S&P 500 and Nasdaq year to date. The Dow is up by a little more than 6%, while the S&P 500 is up ~18% and the Nasdaq ~34%. 

Gene Peroni’s Daily Podcast: Rotation is an important element for a healthy market environment and it’s an important characteristic in a sustainable market advance. 

You don’t have to be a contrarian to recognize that there are other stock sectors and themes that are doing quite well beyond the “Magnificent 7” technology names that have been mathematically driving the S&P 500 higher.