Value versus growth is the frequent discussion among pundits for now. The reality is most managers are overweight in the momo-mega-caps, while fairly nervous about moving into the typically lower-priced value plays, with growth a function of developments that are either murky or somewhat conceptual.

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Of course that's where fresh money 'gambles' to an extent by buying forward visions CEOs emphasize. Meanwhile sticking to former growth 'grand dames' is only acceptable if you also have a vision of good multiyear prospects ahead (and that's certainly not the case for those that benefited most during COVID).

An exception to that varies among online retail stocks, as some are also now victims of a pathetic trend of brazen robberies (often in broad daylight) of high end stores in or out of malls. This started in Chicago and San Francisco (sort of using the BLM protests of the time as 'cover' for their property crimes), a bit in Los Angeles (recall what they did to Melrose and the Beverly Center area), or even here in Florida (it's not only democrat cities). So now it seems 'gangs' are using organizing mantra for multiple robberies, without political backdrop, but with online communication or lookouts using a series of technologies. This is so bad today they simultaneously hit stores in San Francisco, Hayward, Walnut Creek and San Jose. Coincidence? Hardly. Some stores are adding security and changing hours to better handle upcoming 'Black Friday' rushes.

In terms of stocks it's impacted a few variously, and I won't do the forensics in the sector. California seems to be toughening-up (Governor and SF DA), and it's about time if they follow-through. And no wrist-slapping for serious thefts. I suppose if you're looking for a 'real' LV bag, or Nordstrom(JWN) exclusive, use care on eBay or similar, as now you'll be trying to differentiate knock-off's from real ones the thieves try to resell. More retailers will be closing physical locations, as CVS (CVS), Walgreen's (WBA), Best Buy (BBY) and Macy's (M) have already done in high-crime already ravaged areas. But this is so brazen the mobs hit suburbia now, and a coming attack in daytime on an Apple (AAPL) Store might be next (at night Apple will pull merchandise off the tables and into the locked storerooms, typically). And some of these stocks, like Nordstrom, GAP (GPS) and Best Buy, are getting kicked in share price, presumably not a casualty of the rising property theft issue. As for theft, it's sad, but limit how many people are allowed in a store at a time. I'll note Louis Vuitton (LVMUY) and Saks Fifth Avenue on Rodeo Drive, Beverly Hills, had their windows broken, but nobody got in. I lived there during two rounds of riots in the old days, and BHPD pretty much sealed the City and checked ID's to keep non-residents or anyone suspicious out. Maybe not terribly legal, but it worked, and Beverly Hills and Century City were not hit.

Meanwhile, equity rotation allows the crowded mega-caps to shake out, while some worry that sickens the entire market. While damage is mostly contained to areas dominated by the mega-caps, some erosion has filtered down to the majority of stocks, which to a minor degree are indeed moving concurrently.

So far these oscillations have tended to swing both ways (recoveries after the shakeouts), but it's not universal and implies a little building risk beyond mere seasonal tax-related moves. In fact, as one member questioned: for sure, the tax aspects could even trigger short-covering (tax gains among those who did play downside for some broken pandemic mega-caps, like Zoom (ZM)). I wouldn't play any of those for rebounds, and focus interest in companies with actually decent or novel prospects over the next year or two.

So this great divide in the market remains a bit of a mystery, although it's very reasonable to project (no assurances) some general rebound into early 2022. I also realize there are unique sectors where half the thinking is optimistic and half is viewing such areas as 'frothy'. The most cited area for that is the EV's .

The resurgence of the EV space sort of occurred while Oil rallied as forecast for a period of time, and now part of the rotation has been easing in those to a degree. Interestingly Oil rallied today despite the SPR Reverse by Biden, and that speaks volumes to overall demand and the prospect of OPEC retaliating, since Japan 'and' China joined the U.S. in opening reserves.

Personally I don't view 'opening reserves' as eliciting any reaction by OPEC in a concerned way, if anything it shows 'weakness' by the world to do so, rather than emphasize strength. Hence it empowers the Saudis and OPEC, which is why I was against doing so (and still think it's folly to open the reserves just as a 'price containment' issue, as there is 'no' National Emergency for this).

Plus we know Washington wanted Oil prices high so as to shift people to EV's over time, and that makes opening reserves a crock for political expedience. I think the Oil (BNO) market sees that too. Meanwhile yes, certain EV's ran to multiple of imaginary earnings for products not even on the market or barely entering.

That's not true for all, though was for Rivian (RIVN). Pricing for growing EV players, like GM and Ford are reasonably disciplined, as they're not Lucid or Tesla. And of course Tesla (TSLA) is becoming Musk's quandary, as you don't know longer range plans for sales or actual production of product, even as introduced. As a for-instance, the ballyhooed Tesla truck isn't being made, citing battery cells in relatively insufficient supply to justify starting production.

It's also not true for perhaps the most underpriced but less-known EV outside of a slight 'cultist following' (reminds of Tesla's early days or that of NIO), and that of course is Canoo. GOEV has been very volatile, traders take notice of insider confidence expressed by direct open-market purchases, and for sure a couple agreements (with Oklahoma & Arkansas) as imply financial assistance either to lure Canoo to their states, or related to a yet-to-be finalized deal for distribution / sales, which is rumored but unknown. Walmart (WMT) or Apple deals in their own ways make sense as discussed, but again they may not occur, and the company may well succeed regardless (but even better if a deal's done).

In-sum: 

The impact of the SPR release of 50 million bbls of Oil is minimal. The Energy Secretary is almost entirely wrong in his assessment of the impact of the SPR news. Higher rig counts and incentives would solve the challenge, by no means incentivizing OPEC to screw the world out of more money.

The Sec'y. suggested $62/bbl by later next year. Maybe, but I think he's nuts, or dreaming. Demand will increase, not decrease, the more Government tries to interfere and especially as they show an aggressive alternative-energy and EV embrace (those may be fine and necessary in the long-run by has little if anything to do with supply needs for 2022 or the immediate years beyond). If anything a 'boom' in Oil and other commodities 'they' say we don't need will of course continue or be exacerbated by premature limitations on use.