The CPI came in a tad hotter than expectations into what was already a strong pre-market thanks to NVDA being greenlit to sell AI chips again to China. The net result was everything down save a handful of semis and AI related names. Market breadth came in at just 19%; but due to relative strength...Read More

If I could entertain you with a chart of my own choosing.I took liberties to blot out the entire tariff fiasco, not to say I didn’t learn from such an ordeal — but to isolate prices before it and where we are now, which is less than 2% higher since Feb 19th. Does the largest...Read More

Equal weighted NASDAQ was off by 70bps, regular NASDAQ down just 22bps, indicative of what today was all about: extremely low breadth (26%), very small downside in the major indices because the very high market cap stuff was strong — namely NVDA, MSFT, AMZN, GOOGL and TSLA.I highlighted all other recent low breadth days on...Read More

Good Day — It was a Tale of Two markets today, with harrowing losses found in the very beloved software sector, as sector rotation took on a ribald decorum. It’s true, the broadening out of gains is, on the whole, bullish for markets — since stocks other than Mag7 trend higher. Overall breadth was 63%,...Read More

Similar to what we saw on the first trading day of July, today’s gains were concentrated in orphan stocks — the areas of the tape that rarely concentrate in the portfolios of investors. This can be seen in two prominent areas most distinctly: Regional Banks +0.87% v Actual Banks -0.87%.Both the NASDAQ and SPX were...Read More