At 10:55am this news story broke.Markets responded unkindly, with a quick 100bps shaved off the Qs, gold spiked and yields spiked. It was much more relaxed than I thought, given the news of the FOMC losing its independence. Nothing had been done per se, but markets were attempting to price it in and the only...Read More

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