Now, the technology was not one of the outperforming sector in the S&P's 9 sector groups today...
http://ichart.finance.yahoo.com/z?s=^GSPC&t=1d&q=&l=off&z=m&c=^IXY,^IXR,^IXE,^IXM,^IXT,^IXV,^TXV,^IXB,^IXU&.png
But, the NDX nearly outperformed all of the other large cap indices...
http://ichart.finance.yahoo.com/z?s=^GSPC&t=1d&q=&l=off&z=m&c=^NYA,^RUT,^NDX,^IXIC,^NDXE,^DJI,^SPXEW,^MID,^SML&.png
However, if you look into performance of the NDX components, the index's non-tech ones outperformed, they are still the liquidity driven and not defensive ones though...
http://ichart.finance.yahoo.com/z?s=^NDX&t=1d&q=&l=off&z=m&c=^NDXT,^NDXX,^NDXE,^XSH,^HHI,^XWH,^IWH&.png
The NDXX represents the index components excluding the tech companies.
Having said all of this, one can not dismiss this rally as an overthrow because the consumer discretionary and staples, utilities as well as the financials rallied. The internals are fine, RUT also participated well. This is how the IT legs can usually start. The increased volatility might be simply because of the high rates too.
Heck! as much as I opened new shorts on the indices, I also bought some individual longs today, perhaps it was the top...
- kisa