Way back last Fall prior to the election, the deflation trade was on in full force. Big Cap Tech was leading along with high yielding Consumer Staples stocks. When Trump got elected, those sectors got tossed aside in favour of economically-sensitive cyclicals: Financials, Energy, Resources, Transports etc. etc.. However, when those got pumped and dumped, gamblers fell in love with Big Cap Tech again. And then those stocks had a violent reversal two weeks ago.
Deja Vu 2002: "Well, let's see, where else can we invade?"