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Who's Leading, Who's Lagging This Week

S&P up over 5 percent this week, you would think the entire market is rallying.

Think again. Lift the hood a little, and you will see big-time rotation going on.

The leaders: financial, commodities

The laggards: tech, retail

Banks: new leaders?

(this week)

  • Fifth Third up 119%
  • B of A up 63%
  • Citi up 37%
  • PNC up 40%
Symbol
Price
 
Change
%Change
NOVU
---
SC0Y
---
FITB
---
PNC
---

Bank issues: the stress test alleviates fears on capital adequacy, but worries over credit defaults remain.

Commodities: the recovery/inflation play stays alive

(this week)

  • Freeport-McMoran up 17%
  • Peabody up 13%
  • Anadarko up 14%
  • Halliburton up 12%
  • U.S. Steel up 10%
Symbol
Price
 
Change
%Change
BTU
---
FCX
---
HAL
---
X
---

Commodity issues: it's all based on a China recovery/stimulus, which could falter. Most dismiss the reflation trade as way too early.

Techs: rolling over?

(this week)

  • Dell down 9.2%
  • Broadcom down 6.4%
  • IBM down 3.3%
  • Cisco down 4.5%
  • Apple up 1.5%

Tech issues: Seasonally slow period kicks in for tech, not to mention poor business capex.

Retail: rolling over?

(this week)

  • Black & Decker down 11.1%
  • Lowe's down 5.1%
  • Macy's down 5.0%
  • Autozone down 3.2%
  • Bed Bath & Beyond down 2.8%
Symbol
Price
 
Change
%Change
AFC
---
DIA
---
LOW
---
M
---

Retail issues: cost cutting, inventory control have been good, but top line growth is still nonexistant.

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Questions? Comments? tradertalk@cnbc.com

Symbol
Price
 
Change
%Change
BBBY
---
AZO
---
M
---
LOW
---
CSCO
---
IBM
---
BRCM
---
4331
---
HAL
---
APC
---
BTU
---
FCX
---
PNC
---
C
---
FITB
---
AAPL
---

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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