Live in the NASDAQ market site in the heart of New York City's Times Square, this is

Fast Money. Here's what's on top tonight. The Great Rotation this year's outperformers

pulling back on the first day of July while recent laggards catch bid. What tone will this

set to the market in the second half? We'll debate that. In time to buy Apple, the chartmaster

has been bearish on the underperforming

tech stock for three years as he's starting now to change his tune. We'll find out what the

charts say. Plus, bank stocks on the move as they lay out their capital plans, casino stocks

cashing on some positive data out of Macau in a build or breakout, why one trader sees strength

coming for the beaten down bunch.

I'm Melissa Lee coming to be live from Studio B at the NASDAQ on the desk tonight.

Tim Seymour, Karen Fein, Dan Nathan, and Katie Stockton, founder and managing partner of Fair Lead Strategies.

Welcome, Katie.

Thank you.

And we start off with the seeming shift out of this year's best performing stocks and sectors to some of the biggest laggards. The Nazai climbing to new records to close out the first half, semis far outperforming the broader market and names like

Netflix, Palantir, Coinbase, all soared. But today, all those trades were losing steam. Meantime,

the long underperforming small caps, they jumped today. So the defensive health care names,

retailers like Target insurers and Staples. So the defensive health care names, retailers like Target, insurers, and Staples.

So what do you make of this broad rotation?

What does it say about where to go in the second half of the year?

Tim, you said earlier on our call, it was like a switch flipped.

It felt like it, and I don't know who flipped the switch,

and I don't think there was any major strategy report out there, but it's very clear.

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