Mike Santoli's market notes: Grab for beta, tech topping out, Robinhood traders causing froth?

  • Quiet on the surface but noisy underneath today. Modest upward-grinding action being countered by some slippage in the weighty Nasdaq names, as the popular play is now to add more cyclical exposure to play either A) a steady reopening of the economy or B) a catch-up move in some of the most volatile, bombed-out parts of the market.
  • It's quite a grab for "beta," whatever the motivation. The "deep value" stock baskets are up 1.5% or more. Of the top 30 gainers in the S&P 500 right now, all but two are down more than 25% from its high. The S&P High Beta ETF is up more than 2% with the main S&P 500 flattish.