Worth noting what's actually working beneath the surface.
Tech and Comms still have ~40% of stocks at 4-week highs. Energy's bouncing back. But look at Financials and Healthcare—less than 20% at fresh highs. And Real Estate? Barely 10%.
This isn't a broad rally. It's a narrow one wearing a confident mask. The index can keep grinding higher while most names quietly fade. That's usually how tops begin—not with a crash, but with fewer and fewer soldiers still marching.
If you're feeling great about 'the market,' ask yourself: which market?
Tech and Comms still have ~40% of stocks at 4-week highs. Energy's bouncing back. But look at Financials and Healthcare—less than 20% at fresh highs. And Real Estate? Barely 10%.
This isn't a broad rally. It's a narrow one wearing a confident mask. The index can keep grinding higher while most names quietly fade. That's usually how tops begin—not with a crash, but with fewer and fewer soldiers still marching.
If you're feeling great about 'the market,' ask yourself: which market?