Overbought Conditions Are Being Ignored, But Rotation Is Picking Up Earnings are providing a boost, but we need to watch for shifting sector action. Stocks quotes in this article: COIN, BLK The heavily-hyped Coinbase (COIN) IPO provided an opportunity for some 'sell the news' action, but it is already being shrugged off this morning as the focus shifts to earnings news. There were some solid reports in the financial sector on Tuesday, and so far this morning, all the reports are exceeding estimates except for BlackRock (BLK) . Next week we will start to see reports for the broader market. The most notable characteristic of the market action recently has been the rotational action. While the S&P 500 and the senior indices have been climbing at a record-setting pace, much of the rest of the market has been struggling, and breadth has been poor. On Wednesday, some of that action reversed. Small-caps perked up, biotechnology enjoyed better action, and stock pickers were feeling a bit more confident.