The market was essentially unchanged, with the S&P 500 finishing at -0.05%, but it wasn’t internally.

Mag Seven & Friends

What’s happened over the past two weeks is a reconfirmation that the AI trade is a long way from being over, and it is now expanding beyond the Mag Seven, but that doesn’t mean the Mag Seven is done.

These names are just sharing the wealth as the pie continues to grow.

On Friday, large-cap growth and momentum were the only factors higher in the session.

Institutions Play Catch-up

The big boys are shelling out big bucks to catch up with Technology (XLK).

The problem is creating a strong tide that lifts all ships.  For the most part, growth sectors rock and the rest are watching, or vice versa.

Looking Ahead to the Fed

There will be a lot of work and commentary on where to position oneself for the FOMC rate cut.  We will share some interesting tables on the FOMC decision on Wednesday.