Unlike Semi and Tech, certain items that have been relatively weak are now strengthening. Financials, Materials and Healthcare (ex-medical devices, which had been booming). It seems obvious that the big momos (i.e. hedge funds, quant boxes and the day traders swimming in their wake) have decided it’s time to abandon the high fliers and favor relative value.
As for ABBV, it was highlighted in April and I have been patiently holding it ever since. It has not yet done anything dynamic, but it is on track to the original update.
Here is the current weekly chart from the update. The same situation worked great for LRCX last year and you know how markets are; not always logical or willing to follow a neat analog (of sorts). But with the market’s leadership shifting today, so far so… okay.
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