There was a broader rally on Tuesday, but the one constant was Nvidia (NVDA), this time joined by Second Tier Tech.

I drink your milkshake

I saw all the generals, save for Nvidia, give up some ground. Investors are torn, but maybe the only place to find dry powder to buy more of the Artificial Intelligence (AI) chip giant (now America’s most valuable stock) is from other generals. It's just a thought, but it's not far-fetched.

Over the past two months, hedge funds and long-only funds have poured billions into Technology (XLK) at the expense of all the other sectors except Energy (XLE). Perhaps they are sticking their straw in the ‘Magnificent Six’ (the also-rans).

So, the market remains in the ‘fear zone’ even at high levels.

Today’s Session: Lots of Economic Data

-Housing starts missed consensus.

-Housing permits missed consensus.

Philly Fed missed consensus, but prices edged higher.

Initial jobless claims came higher than expected but were down from last week.

None of this morning’s data says the economy is strong, but the Fed is still looking at prices. Without a doubt, the Fed waiting too long to cut rates is my biggest concern.