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Momentum Monday - The Bull Market Now Includes Biotechs, Healthcare and Financials, Not Just AI and Semiconductors
Howard Lindzon
June 30, 2026
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Good morning…
I am a day late posting the show, but if you subscribe to the YouTube channel you get an alert when the show goes live. We may start streaming the show live and taking questions in the weeks ahead.
Last week Monday was a nasty day for AI and semiconductor stocks on what I titled ‘Unconditional Surrender’.
The ‘surrender ‘this week seems to be a TACO once again by Trump (and the lunatics at the IRGC) so not only are semiconductor and AI stocks back in the groove, but new areas of strength are breaking out.
In a few weeks the Stocktwits MCP will be live and I can share a link here that will give everyone a summary of how I was thinking in real-time on the Stocktwits stream as the week unfolded.
Last week and in today’s show we cover the smaller banks, the biotechs and the healthcare stocks that have been participating in this latest part of the bull market. I shared some fresh ideas as well.
I hope you enjoy…and Ivanhoff’s thoughts are as always below the video as well…
Welcome back to Momentum Monday!
In today’s episode of Momentum Monday, Ivanhoff and I discuss the following:
Intramarket Volatility and Semiconductor Rotation
The Biotech and Healthcare Breakout ($XBI ( ▲ 0.16% ) vs. $XLV ( ▼ 1.64% ) )
Fresh Ideas: Sensors, Circuit Trends, and Cybersecurity
Macro Trends: Dollar Strength, Crypto, and $CBOE ( ▲ 3.7% ) Disruption
Robin Hood's Prediction Market Edge and Trump Accounts
Tax-Loss Harvesting Strategies and Volatility Management
In This Episode, We Cover:
Intramarket Volatility and Semiconductor Rotation (0:00)
The Biotech and Healthcare Breakout ($XBI ( ▲ 0.16% ) vs. $XLV ( ▼ 1.64% ) ) (3:15)
Fresh Ideas: Sensors, Circuit Trends, and Cybersecurity (6:26)
Macro Trends: Dollar Strength, Crypto, and $CBOE ( ▲ 3.7% ) Disruption (10:01)
Robin Hood's Prediction Market Edge and Trump Accounts (13:55)
Tax-Loss Harvesting Strategies and Volatility Management (16:09)
Here are Ivanhoff’s thoughts:
Bull markets correct through sector rotation. The S&P 500 and the Nasdaq 100 have basically gone sideways in a wide range since mid-May. In the meantime, the so-called Magnificent 7, which involves the biggest companies in the world, are down about 10%. The semiconductor index has experienced a significant increase in volatility. Its upside momentum has diminished. We saw another proof of it last week, when Micron had the best earnings report in its history. It helped SMH and QQQ to gap up, but those gaps faded quickly.
Money has rotated into other areas of the market. Small caps, as represented by the IWM, are holding near their all-time highs, led by biotech and financials. We saw a shade of more defensive rotation towards the end of last week, when healthcare and consumer staples started to outperform notably, and the most oversold groups attempted to bounce. Those rotations are a normal part of the cycle. They might not offer multi-week 50-100% trending moves, but they provide 5-day trend opportunities that last 10-20%. We have to take what the market is offering. It is normal for the AI leaders to spend some time in a sideways range and build new bases after the significant appreciation earlier this year.
And here are the charts discussed:
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