Utilities continue to lead despite a general optimism that additional stimulus is on the way, which traditionally has resulted in more risk-on behavior. Tech resumes its overall uptrend, but the fact that both utilities and small-caps have been outperforming over the past several weeks is a bit curious.
The utilities sector continues to curiously lead this market higher, a bit of an anomaly considering that tech and small-caps are also outperforming. Treasury yields have finally started moving higher and staying there, while I'm closely watching the lumber/gold ratio since lumber price changes tend to lead stock price movements.
Utilities leadership has been very firm here running a bit contradictory to what we’re seeing from other areas of the market. Utilities and Treasuries are diverging a bit here, most likely from confusion over when/if we’ll see new stimulus.