2026-10-09 · Relief Bounce, Rotation Holds
A broad relief bounce led by blue chips, but money is still rotating out of tech and into industrials, real estate and staples.
The Signal
All three major indexes rose after two down days, with the Dow leading and volatility easing. Under the surface, money flow still leans to selling by close to two to one, and over the past week accumulation shows up in industrials, real estate and staples while distribution sits in technology. No top-tier setups today.
The Noise
The headline says the dip is over. We found no reliable explanation for the bounce, and the data says one up day does not change…
The skinny
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