Tech vs. Big Banks---market slides as two industries diverge

Technology stocks did not fare well today.  That's fine.  They have been on a tear this year, so seeing Apple, Google, Facebook, Adobe, Paypal, Microsoft, and the QQQ decline between 1.5% to 2.5% today could be easily absorbed by investors, as opposed to traders.  It's probably a healthy sign.  Straight lines up can lead to straight lines down.  It is not anticipated that this is the beginning of a longer term retrenchment but there may well be further more modest declines heading into the weekend that will effectively end on Tuesday July 4th for many folks.

Bank stocks, especially those of the biggest banks, rose materially with, as examples, Citi and Standard Chartered up around 3% and Wells Fargo, Bank of America, and JP Morgan up close to 2%.  This is a one-off jump, as expected positive regulatory stress tests results will free up banks to buy back more stock and/or increase dividends.  Tomorrow in fact may see the excitement about that ebb.

Stocks in general did decline today, with some non-tech, non-bank outliers.  Visa was down around 2% and Kimberly Clark declined almost as much.  They have been good performers but action there needs to be looked at for understanding.

Before a holiday weekend, it is possible that there will be a broad defensive decline. That type of action has happened at times in the past.  That said, no fireworks are expected, at least in the financial markets.

Is all of that wishy-washy enough?