The market finished higher yesterday, but it was an ugly session under the hood. It was also a monster day for growth names, especially hardware & equipment stocks, masking how badly decliners mounted into the close.

Greed is fading, and fear could be around the corner.

Broad Market Breadth

It wasn’t just the S&P 500 (SPX)  that struggled to create a wave that could carry more ships. Not only were there more decliners than advancers on the NASDAQ Composite, but there were also more 52-week lows than highs. There were only 73 new highs on the New York Stock Exchange (NYSE).

Up volume edged out down on the NASDAQ, reflecting the intensity of buying among the small pool of advancers.

Market Breadth	NYSE	NASDAQ
Advancers	1,370	2,196
Decliners	1,399	2,316
New Highs	73	97
New Lows	49	110
Up Volume	1.99 billion	4.06 billion
Down Volume	2.17 billion	3.37 billion

The NASDAQ Rocketship

Commodity Trading Advisors (CTAs) chasing performance is just what I said they would do back in April, May, and even June. Ironically, their skepticism about the NASDAQ at lower valuations is now pushing up valuations to even higher levels.

Tim ‘Apple’ Done Good

President Trump celebrated Tim Cook’s increased commitment to invest in the United States by slapping 100% tariffs on semiconductor imports. Apple (AAPL) and Nvidia (NVDA) are among the unaffected names.

Today’s Session

It’s reciprocal tariff day and the market couldn’t care less.

There is a sense that deals are going to happen and the most recalcitrant players like Canada are finding out they must cut a deal at some point because there is no way to get around it.

Playing ball also applies to entrenched market bears clinging to the notion the market is too expensive.

Mother’s Milk

Bespoke Research put together a great table of triple play winners - beat on revenue, earnings, and higher guidance.

Most of these names are higher, and the ones that aren’t, should go on your buy watchlist.

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