The post-election reversal is now a full rally, and tech is sitting it out. Dow futures are up 917 points, +1.8%, ahead of the US open. At 03:05 UTC they were down 0.9%. That is a 1,372-point swing in 10 hours. Russell 2000 +1.5%. S&P 500 +0.9%. Nasdaq 100 just +0.1%, after falling 2.3% overnight. The VIX is down to 18.5 from 20.8. The 10-year yield is up 6bp to 4.95%. We flagged the turn at 08:53 UTC. Since then the Dow went from +0.6% to +1.8%, while the Nasdaq slipped from +0.3% to +0.1%. A Democratic Congress buys gridlock. The money is going to the Dow and small caps, not to tech. https://t.co/GfvtzbfvcV