Financials and old-school techs are back in favor this week. The higher rates we have seen could be a help to banks:
But watching old school techs move up this week has been interesting:
I noted yesterday that old school tech was more "growthy," so they get a higher multiple in a rising rate environment, which is usually equated with growth.
(Read more: 'Old school' tech stocks rally: What's up?)
It has also been a huge weak for the semis…the Semiconductor Index up 4.5 percent and has broke to its highest level since 2002.