February is in the books, and it just delivered one of the most impressive displays of underlying strength we’ve seen in this cycle. Seasonally, this is supposed to be one of the weakest months of the year for equities. In…
Today is a reason to celebrate. It’s the last trading day of the month. At 4 pm ET, we print a fresh batch of monthly candlesticks. Most people won’t even notice. They’ll be glued to intraday headlines, arguing about tariffs,…
The S&P 500 is less than half a percent away from hitting new all-time highs. Again. At the same time, the S&P 500 Advance-Decline Line just closed at the highest level in its history. Participation is expanding, not contracting. And…
If you’ve been around markets long enough, you start to notice something important. Price doesn’t just tell you what to buy. It also tells you what to avoid. We’re fortunate to have the deepest, most transparent capital markets in the…
We don’t get sustainable bull markets in America without financials. Go back and study every major advance. When banks, brokers, and asset managers are participating, the market structure is healthy. When they’re not, problems tend to follow. That’s why what…
When it comes to markets, everything is relative. In 2025, the Dow Jones Industrial Average gained 12%. The S&P 500 was up 17%. The Nasdaq 100 finished higher by roughly 20%. On the surface, those sound like solid years. And…
In a meeting last week, I got a question I don’t hear often. “What would actually make the U.S. Dollar go up?” It’s a good question. Most people spend their time explaining why the dollar is weak. Few stop to…
Energy stocks are off to a monster start in 2026. While the S&P 500 is flat and the Nasdaq 100 is in the red, energy is up 23% year to date. That’s not “quiet” outperformance. That’s leadership. And it isn’t…
Technology stocks collapsing and technology stocks consolidating are two very different environments. Right now, the market is reminding us of that distinction. Yes, the S&P 500 Large-Cap Technology Index is down about 2% this year and roughly 7% since late…
With the U.S. market feeling more split than it has in a while, this is not the time for hot takes. It’s the time for evidence. Some groups are grinding to new highs. Others are stalling out. The headlines want…
Coming into 2026, I had no idea what the market was going to do. Neither did you. Neither did anyone. That’s the point. But we did not enter this year blind. We entered it with context. Technology was the best…
There are winners in this market. And there are losers. There always are. Bull markets don’t mean everything goes up together. They mean capital rotates. Money flows. Leadership changes. And if you’re on the wrong side of that rotation, it…
