Tech is no longer the primary driver of stock market momentum. "Instead of Tech names driving the momentum factor higher it's now Financials," he wrote. Indeed, the Financials Select Sector SPDR Fund (XLF) has soared more than 22% over the past six months, while the Technology Select Sector SPDR Fund (XLK) is up 12.2% in that time. The XLF is also outperforming the XLK in the fourth quarter, gaining 11.3% versus the latter's 4.9% advance. Tech's dethronement as the top momentum sector comes as investors bet the incoming Trump administration will ease regulation, thus facilitating dealmaking activity.

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Persons: that's financials, Wolfe, Rob Ginsberg, Tech's dethronement, Trump, Ginsberg, Brad Sills Organizations: Wolfe Research, Tech, Market, Bank of America