Kafkaesque Rally

Definition of Kafkaesque

: of, relating to, or suggestive of Franz Kafka or his writings especially : having a nightmarishly complex, bizarre, or illogical quality

Merriam-Webster could easily use Kafkaesque in a sentence to describe the current market rally, with trillion dollar market cap firms like AAPL AMZN exploding higher while a plethora of otherwise sound charts in various other sectors with more modest market caps are either red or barely moving with any purpose. This is all happening on a bank holiday, today, with copper and oil red, and VIX green; not exactly in the risk-on spirit, and of course with tons of uncertainty regarding stimulus, elections, earnings, and other topics which apparently do not matter. 

Are we witnessing another gamma event involving "the whale" like we saw in late-summer? Perhaps. 

But seeing the consumer staples, highly defensive in nature, break higher under the cover of the bonanza in mega cap tech is telling to me. Names like MDLZ PEP WMT, among many others in the XLP, are acting like they can compete for capital should the tech monsters reverse down on a more typical (although we know this market has been anything but typical) "sell the news" events for the AAPL AMZN headlines this week.