Sure there is a reason to be concerned with plenty of “garbage” names rallying at a dizzying pace. In the consumer space, they include PTON which just busted above a bullish inverse head and shoulders pattern. CVNA began 2023 with a 4 handle and today was summarily rejected at the very round 20 number. But the mega caps in the XLY in TSLA and AMZN, making up almost 40% of the fund, have seen some bifurcation even though both have recorded powerful moves. Tesla has nearly doubled traveling from the very round par number to almost 200 today after a bullish engulfing candle there on 1/6. And although AMZN is higher by more than 30% YTD it feels anemic in comparison. Of course, that will all change Thursday after the CLOSE as earnings are reported. Perhaps these names are going to put in meaningful bottoms, which would not be a surprise from a sentiment, “magazine front-cover-like” scenario with the emergence of stock symbols like TSLQ, AMZD, and AMZU just a few months ago. These thrusts we are seeing are a lethal combination of many investors being “offsides” into the Fed and short covering, a very painful combination if you are positioned poorly. Best to let the dust settle and if these huge recent gains are digested and not given back the likelihood of a strong 2023 increases.