Narrow rallies always hide the rot underneath.
When 5-7 names are doing all the heavy lifting and everything else is quietly bleeding out, that's not strength — that's fragility dressed up as momentum.
I've seen this movie before. The index looks fine until it doesn't. Then everyone realizes they were riding a few mega-cap winners while the actual market was already in trouble.
In private markets, we'd call this concentration risk. In public markets, people call it "leadership" until it breaks.
Pay attention to what's *not* working. That's where the real story is.
When 5-7 names are doing all the heavy lifting and everything else is quietly bleeding out, that's not strength — that's fragility dressed up as momentum.
I've seen this movie before. The index looks fine until it doesn't. Then everyone realizes they were riding a few mega-cap winners while the actual market was already in trouble.
In private markets, we'd call this concentration risk. In public markets, people call it "leadership" until it breaks.
Pay attention to what's *not* working. That's where the real story is.