The Nasdaq 100 came roaring back to life on Thursday. If you follow me on Twitter you saw that I tweeted about starting to see embryonic signs of this developing in real time on Wednesday. We started wading back into tech at that point, but I do not sense this is a multi-month opportunity just yet.

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In the short-term, I can say that stocks revisited their low points from a week ago and they are trying to build a little base to rally. While the Nasdaq 100 led by a wide margin I was a little surprised at just how poorly the S&P 400 and Russell 2000 traded. Friday will be very telling if they cannot keep pace, let alone lead.

At the same time tech reemerged to lead, the commodity space and basic reopening plays were hit. The commodity indices are now down mid-single digits. One of my aluminum proxies is down 20% late. Biotech has quietly kicked it into high gear. Lots going on, and quickly.

Final comment. The economically sensitive sectors have unusual set-ups right here for those groups to blast to new highs. They look like short-term selling opps, but I am not eager just yet to buy in. In a vacuum, they look like they want to move lower. Only a quick move higher today or Monday would have me rethink that.